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http://www.goldmansachsfunds.com/role/ScheduleAnnualFundOperatingExpensesGOLDMANSACHSN-11EQUITYFUND column period compact * ~</div><div style="display:none">~ http://www.goldmansachsfunds.com/role/ScheduleExpenseExampleTransposedGOLDMANSACHSN-11EQUITYFUND column period compact * ~</div><b>Investment Objective </b>0.055000000.0110.0110.0110.0110.0110.0110.00250.010.01000-0.0063-0.0062-0.0062-0.0058-0.006-0.0054<b>Expense Example </b>699113716012879333845148331981174888841993168646115025381325269452114<b>Portfolio Turnover </b><b>Principal Strategy </b><b>Investment Objective </b>0.0550000000.00650.00650.00650.00650.00650.00650.00650.00250.010.010000.0050.00260.00260.00260.00110.00110.00250.00240.01160.01910.01910.00760.01260.0090.0139-0.0021-0.002-0.0021-0.0021-0.0021-0.002-0.00196428791134186467488112132021273580101222165622240292310737967115047226747910891224217421652<b>Portfolio Turnover </b><b>Principal Strategy 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~</div>0.0550000000.00850.00850.00850.00850.00850.00850.00850.00250.010.010000.0050.01460.02220.02210.01060.01560.01210.0171-0.002-0.002-0.002-0.002-0.002-0.002-0.00267296912872187705975137223473046731168253188318567127913947483218421033656471451154520911200625625687987715281524309332590.36860.15820.22120.22020.3657-0.55450.64540.1968-0.17740.1814<b>Investment Objective </b>0.11680.11840.07990.22290.12250.22290.16280.22290.18660.22290.14590.11150.14590.09820.14590.09970.14590.09220.10.10090.02110.01320.01070.01930.02090.0212<b>Investment Objective </b>0.00850.00850.00850.00850.00250.01000.01510.02260.01110.0126<b>Expense Example </b>6759811310223668611919233259113331073796711504<b>Portfolio Turnover </b><b>Principal Strategy </b>-0.0016-0.0426-0.0401-0.0322-0.0016-0.043-0.0016-0.02771994-07-081994-07-081994-07-081996-05-011994-07-081996-05-011997-08-151996-02-021997-08-151996-02-02-0.0016-0.0392<b>Goldman Sachs Asia Equity Fund&#8212;Summary </b><b>Investment Objective </b>The Goldman Sachs Asia Equity Fund (the &#8220;Fund&#8221;) seeks long-term capital appreciation.<b>Fees and Expenses of the Fund </b>This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in Goldman Sachs Funds. More information about these and other discounts is available from your financial professional and in &#8220;Shareholder Guide&#8212;Common Questions Applicable to the Purchase of Class A Shares&#8221; beginning on page 76 of this Prospectus and &#8220;Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends&#8221; beginning on page B-107 of the Fund&#8217;s Statement of Additional Information (&#8220;SAI&#8221;).<b>Shareholder Fees</b><br/><b>(fees paid directly from your investment)</b><b>Annual Fund Operating Expenses</b><br/><b>(expenses that you pay each year as a percentage of the value of your investment)</b><div style="display:none">~ http://www.goldmansachsfunds.com/role/ScheduleShareholderFeesGoldmanSachsAsiaEquityFund column period compact * ~</div>
<div style="display:none">~ http://www.goldmansachsfunds.com/role/ScheduleAnnualFundOperatingExpensesGoldmanSachsAsiaEquityFund column period compact * ~</div>
<b>Expense Example </b>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. <br/><br/>The Example assumes that you invest $10,000 in Class A, Class B, Class C and/or Institutional Shares of the Fund for the time periods indicated and then redeem all of your Class A, Class B, Class C and/or Institutional Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same (except that the Example incorporates the expense limitation arrangement for only the first year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:<div style="display:none">~ http://www.goldmansachsfunds.com/role/ScheduleExpenseExampleTransposedGoldmanSachsAsiaEquityFund column period compact * ~</div>
Assuming complete redemption at end of periodAssuming no redemption<b>Portfolio Turnover </b>The Fund pays transaction costs when it buys and sells securities or instruments (i.e., &#8220;turns over&#8221; its portfolio). A high rate of portfolio turnover may result in increased transaction costs, including brokerage commissions, which must be borne by the Fund and its shareholders, and is also likely to result in higher short-term capital gains for taxable shareholders. These costs are not reflected in annual fund operating expenses or in the expense example above, but are reflected in the Fund&#8217;s performance. The Fund&#8217;s portfolio turnover rate for the fiscal year ended October 31, 2012 was 83% of the average value of its portfolio.<b>Principal Strategy </b><b>Principal Risks of the Fund </b><b>Performance </b><b>TOTAL RETURN CALENDAR YEAR (CLASS A)</b>The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at the time of purchase) ("Net Assets") in a diversified portfolio of equity investments in Asian issuers (excluding Japanese issuers). Such equity investments may include exchange-traded funds ("ETFs"), futures and other instruments with similar economic exposures. An Asian issuer is any company that either: <ul type="square"><li style="margin-left:-20px"><blockquote>Has a class of its securities whose principal securities market is in one or more Asian countries;</blockquote></li><li style="margin-left:-20px"><blockquote> Is organized under the laws of, or has a principal office in, an Asian country; </blockquote></li><li style="margin-left:-20px"><blockquote>Derives 50% or more of its total revenue from goods produced, sales made or services provided in one or more Asian countries; or </blockquote></li><li style="margin-left:-20px"><blockquote>Maintains 50% or more of its assets in one or more Asian countries.</blockquote></li></ul>The Fund may allocate its assets among the Asian countries (other than Japan) as determined from time to time by the Investment Adviser.<br/><br/> Allocation of the Fund's investments is determined by the Investment Adviser's assessment of a company's upside potential and downside risk, how attractive it appears relative to other holdings, and how the addition will impact sector and industry weightings. The largest weightings in the Fund's portfolio relative to the benchmark of the Fund are given to companies the Investment Adviser believes have the most upside return potential relative to their contribution to overall portfolio risk. The Fund's investments are selected using a strong valuation discipline to purchase what the Investment Adviser believes are well-positioned, cash-generating businesses run by shareholder-oriented management teams.<br/><br/> The Fund may also invest in: (i) equity investments in issuers located in non-Asian countries and Japan; and (ii) fixed income securities, such as government, corporate and bank debt obligations.AVERAGE ANNUAL TOTAL RETURN<br/><b>For the period ended December 31, 2012</b>The after-tax returns are for Class A Shares only. The after-tax returns for Class B, Class C and Institutional Shares will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.Best Quarter<br/> Q2 &#8216;09&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#43;31.18%<br/><br/> Worst Quarter <br/>Q3 &#8216;08&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8211;25.68%<div style="display:none">~ http://www.goldmansachsfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedGoldmanSachsAsiaEquityFund column period compact * ~</div>
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The after-tax returns are for Class A Shares only. The after-tax returns for Class B, Class C and Institutional Shares will vary.After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.The bar chart (including &#8220;Best Quarter&#8221; and &#8220;Worst Quarter&#8221; information) does not reflect the sales loads applicable to Class A Shares. If the sales loads were reflected, returns would be less. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown.Best Quarter2009-06-300.3118Worst Quarter2008-09-30-0.2568The bar chart and table below provide an indication of the risks of investing in the Fund by showing: (a) changes in the performance of the Fund&#8217;s Class A Shares from year to year; and (b) how the average annual total returns of the Fund&#8217;s Class A, Class B, Class C and Institutional Shares compare to those of a broad-based securities market index. The Fund&#8217;s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available at no cost at www.goldmansachsfunds.com/performance or by calling the appropriate phone number on the back cover of this Prospectus. <br /><br />The bar chart (including &#8220;Best Quarter&#8221; and &#8220;Worst Quarter&#8221; information) does not reflect the sales loads applicable to Class A Shares. If the sales loads were reflected, returns would be less. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown.The Fund&#8217;s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.www.goldmansachsfunds.com/performanceThe bar chart and table below provide an indication of the risks of investing in the Fund by showing: (a) changes in the performance of the Fund&#8217;s Class A Shares from year to year; and (b) how the average annual total returns of the Fund&#8217;s Class A, Class B, Class C and Institutional Shares compare to those of a broad-based securities market index.Loss of money is a risk of investing in the Fund.An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any government agency.The Fund&#8217;s &#8220;Total Annual Fund Operating Expenses After Expense Limitation&#8221; have been restated to reflect the expense limitation currently in effect.A contingent deferred sales charge (&#8220;CDSC&#8221;) is imposed on Class B Shares redeemed within six years of purchase, declining from a rate of 5% in the first year to 1% in the sixth year, and eliminated thereafter. A CDSC of 1% is imposed on Class C Shares redeemed within 12 months of purchase.You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in Goldman Sachs Funds. More information about these and other discounts is available from your financial professional and in &#8220;Shareholder Guide&#8212;Common Questions Applicable to the Purchase of Class A Shares&#8221; beginning on page 76 of this Prospectus and &#8220;Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends&#8221; beginning on page B-107 of the Fund&#8217;s Statement of Additional Information (&#8220;SAI&#8221;).50000February 28, 20142013-02-28<div style="display:none">~ http://www.goldmansachsfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedGoldmanSachsAsiaEquityFund column period compact * ~</div>
Loss of money is a risk of investing in the Fund. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any government agency. The Fund should not be relied upon as a complete investment program. There can be no assurance that the Fund will achieve its investment objective.<br/><br/> Investment in the Fund involves substantial risks which prospective investors should consider carefully before investing. <br/><br/><b>Asia Risk.</b> Investing in certain Asian issuers may involve a higher degree of risk and special considerations not typically associated with investing in issuers from more established economies or securities markets. The Fund's investments in Asian issuers increases the risks to the Fund of conditions and developments that may be particular to Asian countries, such as: volatile economic cycles and/or securities markets; adverse changes to exchange rates; social, political, military, regulatory, economic or environmental developments; or natural disasters. <br/><br/><b>Foreign and Emerging Countries Risk.</b> Foreign securities of Asian issuers may be subject to risk of loss because of more or less foreign government regulation, less public information and less economic, political and social stability in the countries in which the Fund invests. Loss may also result from the imposition of exchange controls, confiscations and other government restrictions, or from problems in share registration, settlement or custody. Foreign risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent the Fund also invests in issuers located in emerging countries, these risks may be more pronounced.<br/><br/> <b>Liquidity Risk.</b> The Fund may make investments that may be illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that the Fund will not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, the Fund may be forced to sell securities at an unfavorable time and/or under unfavorable conditions. <br/><br/><b>Market Risk.</b> The value of the instruments in which the Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets.<br/><br/> <b>Mid-Cap and Small-Cap Risk.</b> Investments in mid-capitalization and small-capitalization companies involve greater risks than those associated with larger, more established companies. These securities may be subject to more abrupt or erratic price movements and may lack sufficient market liquidity, and these issuers often face greater business risks.<br/><br/> <b>Stock Risk.</b> Stock prices have historically risen and fallen in periodic cycles. U.S. and foreign stock markets have experienced periods of substantial price volatility in the past and may do so again in the future.0.8300.050.01000<b><a name="toc424494_15"></a>Goldman Sachs China Equity Fund&#8212;Summary </b><b>Investment Objective </b>The Goldman Sachs China Equity Fund (the &#8220;Fund&#8221;) seeks long-term capital appreciation.<b>Fees and Expenses of the Fund </b>00.0100This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in Goldman Sachs Funds. More information about these and other discounts is available from your financial professional and in &#8220;Shareholder Guide&#8212;Common Questions Applicable to the Purchase of Class A Shares&#8221; beginning on page 76 of this Prospectus and &#8220;Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends&#8221; beginning on page B-107 of the Fund&#8217;s Statement of Additional Information (&#8220;SAI&#8221;).<b>Shareholder Fees</b><br/><b>(fees paid directly from your investment)</b><b>Annual Fund Operating Expenses</b><br/><b>(expenses that you pay each year as a percentage of the value of your investment)</b>0.00410.00410.00260.00410.01960.02710.01560.01710-0.00260.01000.0047-0.0026-0.0026-0.00260.00470.00470.00310.00820.00460.017<b>Investment Objective </b>0.02450.0130.0145The Goldman Sachs Emerging Markets Equity Fund (the &#8220;Fund&#8221;) seeks long-term capital appreciation.0.0172<b>Fees and Expenses of the Fund </b>0.02470.02470.01310.01820.0146This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in Goldman Sachs Funds. More information about these and other discounts is available from your financial professional and in &#8220;Shareholder Guide&#8212;Common Questions Applicable to the Purchase of Class A Shares&#8221; beginning on page 76 of this Prospectus and &#8220;Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends&#8221; beginning on page B-107 of the Fund&#8217;s Statement of Additional Information (&#8220;SAI&#8221;).0.01440.02190.02190.01040.01540.0119<b>Goldman Sachs Emerging Markets Equity Fund&#8212;Summary </b><b>Shareholder Fees</b><br/><b>(fees paid directly from your investment)</b><b>Annual Fund Operating Expenses</b><br /><b>(expenses that you pay each year as a percentage of the value of your investment)</b>Assuming complete redemption at end of periodAssuming no redemption0.011<b>TOTAL RETURN CALENDAR YEAR (INSTITUTIONAL)</b>0.011AVERAGE ANNUAL TOTAL RETURN<br/><b>For the period ended December 31, 2012</b>0.0110.01100.050.010000.03482480.02880.03560.0396818141330260.04830.04980.04660.05060.09850.09840.06660.1450.14370.1450.16790.1450.16580.145-0.0294-0.0234-0.0316-0.03410.01890.02640.0150.01650.04830.04590.0410.07120.04940.07120.06160.07120.005-0.0727-0.0727-0.06-0.0535-0.0692-0.05350.0120.0120.0120.0120.0120.0120.00250.010.01000<b>Expense Example </b>0.00490.00490.00490.00340.00830.0048-0.000200.01002006-06-302006-06-302006-06-302006-06-302006-06-302006-06-302006-06-302006-06-302010-08-312010-08-3100000.0025000000.002500.00490.00490.00490.00340.00330.00480.01940.02690.02690.01540.02030.0168-0.0018-0.0018-0.0018-0.0018-0.0018-0.00180.01760.02510.02510.01360.01850.01500000.0025000000.002500.00470.00470.00470.00310.00320.00460.535-0.61921.01390.1039-0.26160.1627<b>Fees and Expenses of the Fund </b>0.0080.00820.00640.00750.02350.01940.03120.02050.01730.02480.01330.0148<b><a name="toc424494_2"></a>Goldman Sachs BRIC Fund (Brazil, Russia, India, China)&#8212;Summary </b>The Goldman Sachs BRIC Fund (the &#8220;Fund&#8221;) seeks long-term capital appreciation.<b>Fees and Expenses of the Fund </b>This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in Goldman Sachs Funds. More information about these and other discounts is available from your financial professional and in &#8220;Shareholder Guide&#8212;Common Questions Applicable to the Purchase of Class A Shares&#8221; beginning on page 76 of this Prospectus and &#8220;Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends&#8221; beginning on page B-107 of the Fund&#8217;s Statement of Additional Information (&#8220;SAI&#8221;).00.050.010000<b>Expense Example </b>The Fund pays transaction costs when it buys and sells securities or instruments (i.e., &#8220;turns over&#8221; its portfolio). A high rate of portfolio turnover may result in increased transaction costs, including brokerage commissions, which must be borne by the Fund and its shareholders, and is also likely to result in higher short-term capital gains for taxable shareholders. These costs are not reflected in annual fund operating expenses or in the expense example above, but are reflected in the Fund&#8217;s performance. The Fund&#8217;s portfolio turnover rate for the fiscal year ended October 31, 2012 was 82% of the average value of its portfolio.<b><a name="toc424484_3"></a>Goldman Sachs Structured Large Cap Value Fund&#8212;Summary </b>The Goldman Sachs Structured Large Cap Value Fund (the &#8220;Fund&#8221;) seeks long-term growth of capital and dividend income.<b>Principal Strategy </b><b>Fees and Expenses of the Fund </b>26712872307485900.050.0100000000.0025000000000.002500.0095<b>Portfolio Turnover </b><b><a name="toc424392_2"></a>Goldman Sachs International Small Cap Fund&#8212;Summary </b>0.01710.0170.00550.01050.0070.012The Fund pays transaction costs when it buys and sells securities or instruments (i.e., &#8220;turns over&#8221; its portfolio). A high rate of portfolio turnover may result in increased transaction costs, including brokerage commissions, which must be borne by the Fund and its shareholders, and is also likely to result in higher short-term capital gains for taxable shareholders. These costs are not reflected in annual fund operating expenses or in the expense example above, but will be reflected in the Fund&#8217;s performance. The Fund&#8217;s portfolio turnover rate for the fiscal year ended October 31, 2012 was 57% of the average value of its portfolio.<b>Principal Strategy </b>2222227437431290The Goldman Sachs International Small Cap Fund (the &#8220;Fund&#8221;) seeks long-term capital appreciation.12900.00260.00260.00260.00110.00610.00260.00262600278500000.002500This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in Goldman Sachs Funds. More information about these and other discounts is available from your financial professional and in &#8220;Shareholder Guide&#8212;Common Questions Applicable to the Purchase of Class A Shares&#8221; beginning on page 51 of this Prospectus and &#8220;Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends&#8221; beginning on page B-107 of the Fund&#8217;s Statement of Additional Information (&#8220;SAI&#8221;).00000.0025002519030.00260.00260.00110.00110.00260.00260.002615793385<b>Principal Risks of the Fund </b><b>Shareholder Fees</b><br/><b>(fees paid directly from your investment)</b>0.15460.1520.10870.17270.1630.17270.20290.17270.22730.17270.22150.17270.22560.1727<b>Annual Fund Operating Expenses</b><br/><b>(expenses that you pay each year as a percentage of the value of your investment)</b>0.04940.04570.04280.08210.04930.08210.04790.08210.05990.08210.05470.08210.24150.04140.00950.03240.03250.06080.02550.04050.0110.04090.03790.04310.03170.04210.0730.08360.0170.0170.00550.01050.0070.012<b>Principal Risks of the Fund </b>The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at the time of investment) ("Net Assets") in a portfolio of equity investments that are tied economically to China (the People's Republic of China, Hong Kong and Taiwan, referred to herein as "China" or "Greater China") or in issuers that participate in the markets of China. The Investment Adviser considers an equity investment to be tied economically to China if the investment is included in an index representative of China, the investment's returns are linked to the performance of such an index, or the investment is exposed to the economic risks and returns of China.<br/><br/> An issuer participates in the markets of China if the issuer: <ul type="square"><li style="margin-left:-20px"><blockquote>Has a class of its securities whose principal securities market is in China; </blockquote></li><li style="margin-left:-20px"><blockquote> Is organized under the laws of, or has a principal office in China; </blockquote></li><li style="margin-left:-20px"><blockquote>Derives 50% or more of its total revenue from goods produced, sales made or services provided in China; or </blockquote></li><li style="margin-left:-20px"><blockquote>Maintains 50% or more of its assets in China. </blockquote></li></ul>The Fund expects to invest primarily in equity securities, including common or ordinary stocks, American Depositary Receipts ("ADRs"), Global Depositary Receipts ("GDRs"), European Depositary Receipts ("EDRs"), Taiwanese Depositary Receipts ("TDRs"), preferred stock, convertible securities, investment companies (including other mutual funds or exchange-traded funds ("ETFs")), and rights and warrants. The Fund's equity investments may also include equity swaps, equity index swaps, futures, participation notes, options and other derivatives and structured securities, which are used primarily to gain broad access to markets and/or individual securities that may be difficult to access via direct investment in equity securities. Only securities open to U.S. investors are eligible for investment by the Fund. The Fund's investments may include companies of all capitalization sizes. <br/><br/> The Fund's investments are selected using a strong valuation discipline based on industry specific metrics, to purchase what the Investment Adviser believes are well-positioned, cash-generating businesses run by shareholder-oriented management teams. From a valuation perspective, the Investment Adviser generally looks for companies where its proprietary estimate of their earnings, asset value or cash flow is meaningfully different from consensus; or where the Investment Adviser believes growth in intrinsic value is not reflected in the share price. Allocation of the Fund's investments is determined by the Investment Adviser's assessment of a company's upside potential and downside risk, how attractive it appears relative to other holdings, and how the addition will impact sector and industry weightings. The largest overweights are given to companies the Investment Adviser believes have the most upside return potential relative to their contribution to overall portfolio risk. <br/><br/> The Fund will not invest more than 25% of the value of its total assets in the securities of one or more issuers conducting their principal business activities in the same industry, except that, to the extent that an industry represents 20% or more of the Fund's benchmark index at the time of investment, the Fund may invest up to 35% of its assets in that industry. The Fund may invest in the aggregate up to 20% of its Net Assets in investments in developed countries and emerging countries other than China, including non-investment grade fixed income securities. <br/><br/>THE FUND IS NON-DIVERSIFIED UNDER THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED ("INVESTMENT COMPANY ACT"), AND MAY INVEST A LARGER PERCENTAGE OF ITS ASSETS IN FEWER ISSUERS THAN DIVERSIFIED MUTUAL FUNDS.<b>Goldman Sachs Strategic International Equity Fund&#8212;Summary</b><b>Investment Objective </b>255820This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.<br/><br/>The Example assumes that you invest $10,000 in Class A, Class B, Class C, Institutional, Service and/or Class IR Shares of the Fund for the time periods indicated and then redeem all of your Class A, Class B, Class C, Institutional, Service and/or Class IR Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same (except that the Example incorporates the fee waiver and expense limitation arrangements for only the first year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:14112831255820<b>Performance </b>141130130.16890.17030.11140.30430.21760.30430.24150.30430.23980.3043<b>Fees and Expenses of the Fund </b>The Fund pays transaction costs when it buys and sells securities or instruments (i.e., &#8220;turns over&#8221; its portfolio). A high rate of portfolio turnover may result in increased transaction costs, including brokerage commissions, which must be borne by the Fund and its shareholders, and is also likely to result in higher short-term capital gains for taxable shareholders. These costs are not reflected in annual fund operating expenses or in the expense example above, but are reflected in the Fund&#8217;s performance. The Fund&#8217;s portfolio turnover rate for the fiscal year ended October 31, 2012 was 85% of the average value of its portfolio.0.02210.02280.01950.09020.04630.09020.05790.09020.05640.09022011-02-282011-02-282011-02-282011-02-282011-02-282011-02-282011-02-282011-02-282011-02-282011-02-280.51380.25740.40910.28370.2834-0.54290.78070.1659-0.2011<b>Shareholder Fees</b><br/><b>(fees paid directly from your investment)</b>0.177117417358158010121013202122161227210756The after-tax returns are for Class A Shares only. The after-tax returns for Class C, Institutional and Class IR Shares will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.<b>Annual Fund Operating Expenses</b><br/><b>(expenses that you pay each year as a percentage of the value of your investment)</b>2113682584153796504617291452104686716210.10830.110.07390.18170.11280.18170.15310.18170.17710.18170.17090.18170.17550.1817<b>Expense Example </b><b>Portfolio Turnover </b>0.13520.12790.12060.16360.13540.16360.13360.16360.14680.16360.1410.1636<b>Investment Objective </b><b>Shareholder Fees</b><br/><b>(fees paid directly from your investment)</b>0.06830.0620.05880.08060.06950.08060.06560.08060.07790.08060.07120.08060.04940.0616<b>Annual Fund Operating Expenses</b><br /><b>(expenses that you pay each year as a percentage of the value of your investment)</b>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.<br /><br />The Example assumes that you invest $10,000 in Class A, Class C, Institutional and/or Class IR Shares of the Fund for the time periods indicated and then redeem all of your Class A, Class C, Institutional and/or Class IR Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same (except that the Example incorporates the fee waiver arrangement for only the first year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at the time of purchase) ("Net Assets") in a portfolio of equity investments in Brazil, Russia, India and China ("BRIC countries") or in issuers that participate in the markets of the BRIC countries. Such equity investments may include exchange-traded funds ("ETFs"), futures and other instruments with similar economic exposures.<br /><br />An issuer participates in the markets of the BRIC countries if the issuer: <ul type="square"><li style="margin-left:-20px"><blockquote>Has a class of its securities whose principal securities market is in a BRIC country;</blockquote></li><li style="margin-left:-20px"><blockquote>Is organized under the laws of, or has a principal office in, a BRIC country; or </blockquote></li><li style="margin-left:-20px"><blockquote>Maintains 50% or more of its assets in one or more BRIC countries. </blockquote></li></ul>Under normal circumstances, the Fund maintains investments in at least four emerging countries: Brazil, Russia, India and China. Generally, the Fund may invest in issuers that expose the Fund to the prevailing economic circumstances and factors present in the BRIC countries. The Fund may also invest in other emerging country issuers, in addition to BRIC country issuers. <br /><br />Allocation of the Fund's investments is determined by the Investment Adviser's assessment of a company's upside potential and downside risk, how attractive it appears relative to other holdings, and how the addition will impact sector and industry weightings. The largest weightings in the Fund's portfolio relative to the benchmark of the Fund are given to companies the Investment Adviser believes have the most upside return potential relative to their contribution to overall portfolio risk. The Fund's investments are selected using a strong valuation discipline to purchase what the Investment Adviser believes are well-positioned, cash-generating businesses run by shareholder-oriented management teams. <br /><br />The Fund may also invest in: (i) fixed income securities of private and government emerging country issuers; and (ii) equity and fixed income securities, such as government, corporate and bank debt obligations, of developed country issuers. <br /><br />THE FUND IS NON-DIVERSIFIED UNDER THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED ("INVESTMENT COMPANY ACT"), AND MAY INVEST A LARGER PERCENTAGE OF ITS ASSETS IN FEWER ISSUERS THAN DIVERSIFIED MUTUAL FUNDS.Loss of money is a risk of investing in the Fund. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any government agency. The Fund should not be relied upon as a complete investment program. There can be no assurance that the Fund will achieve its investment objective.<br /><br /> Investment in the Fund involves substantial risks which prospective investors should consider carefully before investing. <br /><br /><b>BRIC Risk.</b> The Fund's investment exposure to the BRIC countries will subject the Fund, to a greater extent than if investments were not made in those countries, to the risks of conditions and events that may be particular to those countries, such as: volatile economic cycles and/or securities markets; adverse exchange rates; social, political, regulatory, economic or environmental events; or natural disasters. The economies, industries, securities and currency markets of Brazil, Russia, India and China may be adversely affected by protectionist trade policies, slow economic activity worldwide, political and social instability, environmental events and natural disasters, regional and global conflicts, terrorism and war, including actions that are contrary to the interests of the U.S. <br /><br /><b>Foreign and Emerging Countries Risk.</b> Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information and less economic, political and social stability in the countries in which the Fund invests. Loss may also result from the imposition of exchange controls, confiscations and other government restrictions, or from problems in share registration, settlement or custody. Foreign risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent the Fund also invests in issuers located in emerging countries, these risks may be more pronounced. <br /><br /><b>Liquidity Risk.</b> The Fund may make investments that may be illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that the Fund will not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, the Fund may be forced to sell securities at an unfavorable time and/or under unfavorable conditions. <br /><br /><b>Market Risk.</b> The value of the instruments in which the Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. <br /><br /><b>Non-Diversification Risk.</b> The Fund is non-diversified, meaning that it is permitted to invest a larger percentage of its assets in fewer issuers than diversified mutual funds. Thus, the Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio, and may be more susceptible to greater losses because of these developments. <br /><br /><b>Sector Risk.</b> To the extent the Fund invests a significant amount of its assets in one or more sectors, such as the financial services or telecommunications sectors, the Fund will be subject to greater risk of loss as a result of adverse economic, business or other developments than if its investments were diversified across different sectors. <br /><br /><b>Stock Risk.</b> Stock prices have historically risen and fallen in periodic cycles. U.S. and foreign stock markets have experienced periods of substantial price volatility in the past and may do so again in the future.The bar chart and table below provide an indication of the risks of investing in the Fund by showing: (a) changes in the performance of the Fund&#8217;s Class A Shares from year to year; and (b) how the average annual total returns of the Fund&#8217;s Class A, Class C, Institutional and Class IR Shares compare to those of a broad-based securities market index. The Fund&#8217;s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available at no cost at www.goldmansachsfunds.com/performance or by calling the appropriate phone number on the back cover of this Prospectus.<br /><br />The bar chart (including &#8220;Best Quarter&#8221; and &#8220;Worst Quarter&#8221; information) does not reflect the sales loads applicable to Class A Shares. If the sales loads were reflected, returns would be less. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown.<b>Principal Strategy </b><b>TOTAL RETURN CALENDAR YEAR (CLASS A)</b>Best Quarter<br/> Q2 &#8216;09&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#43;44.38%<br/><br/> Worst Quarter<br /> Q3 &#8216;08&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8211;34.71%
<b>Principal Risks of the Fund </b>AVERAGE ANNUAL TOTAL RETURN<br/><b>For the period ended December 31, 2012</b>673<b>Performance </b>2738695691191991<b><a name="toc424392_1"></a>Goldman Sachs Concentrated International Equity Fund&#8212; Summary </b>The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at time of purchase) ("Net Assets") in a broadly diversified portfolio of equity investments in large-cap U.S. issuers, including foreign issuers that are traded in the United States. These issuers have public stock market capitalizations similar to those of companies constituting the Russell 1000<sup>&#174;</sup> Index, which as of February 1, 2013 was between $231 million and $311 billion. However, the Fund may invest in securities outside the Russell 1000<sup>&#174;</sup> capitalization range.<br/><br/> The Fund uses a "structured" quantitative style of management, in combination with a qualitative overlay, that emphasizes fundamentally-based stock selection, careful portfolio construction and efficient implementation. The Fund's investments are selected using fundamental research and a variety of quantitative techniques based on certain investment themes, including, among others, Valuation, Quality, and Momentum. The Valuation theme attempts to capture potential mispricings of securities, typically by comparing a measure of the company's intrinsic value to its market value. The Quality theme assesses both firm and management quality. The Momentum theme seeks to predict drifts in stock prices caused by delayed investor reaction to company-specific information and information about related companies<b></b>. The Investment Adviser may, in its discretion, make changes to its quantitative techniques, or use other quantitative techniques that are based on the Investment Adviser's proprietary research.<br/><br/> The Fund maintains risk, style, and capitalization characteristics similar to the Russell 1000<sup>&#174;</sup> Growth Index, which generally consists of companies with above average capitalization and earnings growth expectations and below average dividend yields. The Fund seeks to maximize expected return while maintaining these and other characteristics similar to the benchmark.<br/><br/> The Fund may also invest in fixed income securities that are considered to be cash equivalents.1970<b>Investment Objective </b>2167<b>Principal Risks of the Fund </b>The Goldman Sachs Concentrated International Equity Fund (the &#8220;Fund&#8221;) seeks long-term capital appreciation.<b>Fees and Expenses of the Fund </b>This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in Goldman Sachs Funds. More information about these and other discounts is available from your financial professional and in &#8220;Shareholder Guide&#8212;Common Questions Applicable to the Purchase of Class A Shares&#8221; beginning on page 51 of this Prospectus and &#8220;Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends&#8221; beginning on page B-107 of the Fund&#8217;s Statement of Additional Information (&#8220;SAI&#8221;).173173Loss of money is a risk of investing in the Fund. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any government agency. The Fund should not be relied upon as a complete investment program. There can be no assurance that the Fund will achieve its investment objective.<br/><br/> Investment in the Fund involves substantial risks which prospective investors should consider carefully before investing. <br/><br/><b>Foreign and Emerging Countries Risk.</b> Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information and less economic, political and social stability in the countries in which the Fund invests. Loss may also result from the imposition of exchange controls, confiscations and other government restrictions, or from problems in share registration, settlement or custody. A Fund's investments in foreign securities may also be subject to foreign currency risk, as described above. To the extent the Fund also invests in issuers located in emerging countries, these risks may be more pronounced.<br/><br/> <b>Greater China Risk.</b> Investing in Greater China involves a higher degree of risk and special considerations not typically associated with investing in other more established economies or securities markets. The Fund's investment exposure to Greater China may subject the Fund, to a greater extent than if investments were made in developed countries, to the risks of adverse securities markets, exchange rates and social, political, regulatory, economic or environmental events or natural disasters which may occur in the China region. The economy, industries, and securities and currency markets of Greater China may be adversely impacted by protectionist trade policies, slow economic activity worldwide, dependence on exports and international trade, increasing competition from Asia's other low-cost emerging economies, political and social instability, environmental events and natural disasters, regional and global conflicts, terrorism and war, including actions that are contrary to the interests of the U.S. <br/><br/>The securities markets of the People's Republic of China and Taiwan are emerging markets characterized by a relatively small number of equity issues and relatively low trading volume, resulting in substantially less liquidity and greater price volatility and potentially fewer investment opportunities for the Fund. The government of the People's Republic of China exercises significant control over the economy, and may alter laws or policies or discontinue economic reforms at any time. Taiwan and Hong Kong do not exercise the same level of control over their economies as does the People's Republic of China, but changes to their political and economic relationships with the People's Republic of China could adversely impact the Fund's investments in Taiwan and Hong Kong.<br/><br/> <b>Industry Concentration Risk.</b> The Fund will not invest more than 25% of the value of its total assets in the securities of one or more issuers conducting their principal business activities in the same industry, except that, to the extent that an industry represents 20% or more of the Fund's benchmark index at the time of investment, the Fund may invest up to 35% of its assets in that industry. Concentrating Fund investments in a limited number of issuers conducting business in the same industry will subject the Fund to a greater risk of loss as a result of adverse economic, business or other developments affecting that industry than if its investments were not so concentrated. <br/><br/> <b>Liquidity Risk.</b> The Fund may make investments that may be illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that the Fund will not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, the Fund may be forced to sell securities at an unfavorable time and/or under unfavorable conditions. <br/><br/><b>Market Risk.</b> The value of the instruments in which the Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets.<br/><br/> <b>Mid-Cap and Small-Cap Risk.</b> The securities of mid-capitalization and small-capitalization companies involve greater risks than those associated with larger, more established companies. These securities may be subject to more abrupt or erratic price movements and may lack sufficient market liquidity, and these issuers often face greater business risks.<br/><br/> <b>NAV Risk.</b> The net asset value ("NAV") of the Fund and the value of your investment may fluctuate. <br/><br/> <b>Non-Diversification Risk.</b> The Fund is non-diversified, meaning that it is permitted to invest a larger percentage of its assets in fewer issuers than diversified mutual funds. Thus, the Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio, and may be more susceptible to greater losses because of these developments.<br/><br/> <b>Sector Risk.</b> To the extent the Fund invests a significant amount of its assets in one or more sectors, such as the financial services or telecommunications sectors, the Fund will be subject to greater risk of loss as a result of adverse economic, business or other developments than if its investments were diversified across different sectors. <br/><br/> <b>Stock Risk.</b> Stock prices have historically risen and fallen in periodic cycles. U.S. and foreign stock markets have experienced periods of substantial price volatility in the past and may do so again in the future.56956999199119702167<b>Performance </b><br /><br />The bar chart and table below provide an indication of the risks of investing in the Fund by showing: (a) changes in the performance of the Fund&#8217;s Institutional Shares from year to year; and (b) how the average annual total returns of the Fund&#8217;s Class A, Class C, Institutional and Class IR Shares compare to those of a broad-based securities market index. The Fund&#8217;s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available at no cost at www.goldmansachsfunds.com/performance or by calling the appropriate phone number on the back cover of this Prospectus. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown.Loss of money is a risk of investing in the Fund. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any government agency. The Fund should not be relied upon as a complete investment program. There can be no assurance that the Fund will achieve its investment objective. Investment in the Fund involves substantial risks which prospective investors should consider carefully before investing. <br/><br/><b>Investment Style Risk.</b> Different investment styles (e.g., "growth", "value" or "quantitative") tend to shift in and out of favor depending upon market and economic conditions and investor sentiment. The Fund may outperform or underperform other funds that invest in similar asset classes but employ different investment styles. <br/><br/><b>Management Risk.</b> The risk that a strategy used by the Investment Adviser may fail to produce the intended results. The Investment Adviser attempts to execute a complex strategy for the Fund using proprietary quantitative models. Investments selected using these models may perform differently than expected as a result of the factors used in the models, the weight placed on each factor, changes from the factors' historical trends, and technical issues in the construction and implementation of the models (including, for example, data problems and/or software issues). There is no guarantee that the Investment Adviser's use of these quantitative models will result in effective investment decisions for the Fund. Additionally, commonality of holdings across quantitative money managers may amplify losses. <br/><br/><b>Market Risk.</b> The value of the instruments in which the Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. <br/><br/><b>Portfolio Turnover Rate Risk.</b> A high rate of portfolio turnover (100% or more) involves correspondingly greater expenses which must be borne by the Fund and its shareholders, and is also likely to result in short-term capital gains taxable to shareholders. <br/><br/><b>Stock Risk.</b> Stock prices have historically risen and fallen in periodic cycles. U.S. and foreign stock markets have experienced periods of substantial price volatility in the past and may do so again in the future.<b>TOTAL RETURN CALENDAR YEAR (CLASS A)</b><b>Shareholder Fees<br/>(fees paid directly from your investment)</b>The bar chart and table below provide an indication of the risks of investing in the Fund by showing: (a) changes in the performance of the Fund&#8217;s Institutional Shares from year to year; and (b) how the average annual total returns of the Fund&#8217;s Class A, Class B, Class C, Institutional, Service, Class IR and Class R Shares compare to those of a broad-based securities market index. The Fund&#8217;s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available at no cost at www.goldmansachsfunds.com/performance or by calling the appropriate phone number on the back cover of this Prospectus. <br/><br/>Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown.<b>Expense Example </b><b>Portfolio Turnover </b>The Fund pays transaction costs when it buys and sells securities or instruments (i.e., &#8220;turns over&#8221; its portfolio). A high rate of portfolio turnover may result in increased transaction costs, including brokerage commissions, which must be borne by the Fund and its shareholders, and is also likely to result in higher short-term capital gains for taxable shareholders. These costs are not reflected in the annual fund operating expenses or in the expense example above, but are reflected in the Fund&#8217;s performance. The Fund&#8217;s portfolio turnover rate for the fiscal year ended October 31, 2012 was 135% of the average value of its portfolio.AVERAGE ANNUAL TOTAL RETURN<br/><b>For the period ended December 31, 2012</b><b>TOTAL RETURN</b> <b>CALENDAR YEAR (INSTITUTIONAL)</b><b>Portfolio Turnover </b><b>TOTAL RETURN CALENDAR YEAR (INSTITUTIONAL)</b>The Fund pays transaction costs when it buys and sells securities or instruments (i.e., &#8220;turns over&#8221; its portfolio). A high rate of portfolio turnover may result in increased transaction costs, including brokerage commissions, which must be borne by the Fund and its shareholders, and is also likely to result in higher short-term capital gains for taxable shareholders. These costs are not reflected in annual fund operating expenses or in the expense example above, but are reflected in the Fund&#8217;s performance. The Fund&#8217;s portfolio turnover rate for the fiscal year ended October 31, 2012 was 144% of the average value of its portfolio.Best Quarter<br/> Q4 &#8216;12&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#43;14.31%<br/><br/> Worst Quarter <br/>Q2 &#8216;12&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8211;3.80%<b>Principal Strategy </b><b>Expense Example </b><b>Principal Strategy </b>AVERAGE ANNUAL TOTAL RETURN<br/><b>For the period ended December 31, 2012</b>0.08580.0840.05810.15210.08980.15210.13040.15210.15330.15210.15210.14720.15260.15210.14630.15210.03120.00460.03120.00950.03120.0060.03120.01110.03120.03120.0312<b><a name="toc424494_4"></a>Goldman Sachs N-11 Equity Fund&#8212;Summary </b><b>Investment Objective </b>The after-tax returns are for Class A Shares only. The after-tax returns for Class C, Institutional and Class IR Shares will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.The Goldman Sachs N-11 Equity Fund (the &#8220;Fund&#8221;) seeks long-term capital appreciation.<b>Fees and Expenses of the Fund </b>0.05050.04950.0440.07510.04980.07510.04840.07510.06070.07510.05560.0751This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in Goldman Sachs Funds. More information about these and other discounts is available from your financial professional and in &#8220;Shareholder Guide&#8212;Common Questions Applicable to the Purchase of Class A Shares&#8221; beginning on page 76 of this Prospectus and &#8220;Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends&#8221; beginning on page B-107 of the Fund&#8217;s Statement of Additional Information (&#8220;SAI&#8221;).<b>Expense Example </b>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. <br /><br />The Example assumes that you invest $10,000 in Class A, Class C, Institutional and Class IR Shares of the Fund for the time periods indicated and then redeem all of your Class A, Class C, Institutional and Class IR Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same (except that the Example incorporates the fee waiver and expense limitation arrangements for only the first year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:<br /><br />0.02990.00360.02990.00840.04740.03190.04740.0370.03730.01480.04740.0290.02920.02640.02420.0474<b>Principal Risks of the Fund </b><b>Shareholder Fees</b><br/><b>(fees paid directly from your investment)</b><b>Principal Risks of the Fund </b><b>Performance </b>The Goldman Sachs Strategic International Equity Fund (the &#8220;Fund&#8221;) seeks long-term growth of capital.<b>Annual Fund Operating Expenses</b><br/><b>(expenses that you pay each year as a</b><br/><b>percentage of the value of your investment)</b>This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in Goldman Sachs Funds. More information about these and other discounts is available from your financial professional and in &#8220;Shareholder Guide&#8212;Common Questions Applicable to the Purchase of Class A Shares&#8221; beginning on page 51 of this Prospectus and &#8220;Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends&#8221; beginning on page B-107 of the Fund&#8217;s Statement of Additional Information (&#8220;SAI&#8221;).<b>Performance </b>0.2243Assuming complete redemption at end of periodAssuming no redemption<b>Portfolio Turnover </b>The Fund pays transaction costs when it buys and sells securities or instruments (i.e., &#8220;turns over&#8221; its portfolio). A high rate of portfolio turnover may result in increased transaction costs, including brokerage commissions, which must be borne by the Fund and its shareholders, and is also likely to result in higher short-term capital gains for taxable shareholders. These costs are not reflected in annual fund operating expenses or in the expense example above, but will be reflected in the Fund&#8217;s performance. The Fund&#8217;s portfolio turnover rate for the fiscal year ended October 31, 2012 was 90% of the average value of its portfolio.0.1510.1512<b>Principal Strategies </b>0.10110.22680.20090.22680.22430.22680.22110.2268-0.0042-0.0058-0.0039-0.0045-0.00041997-05-011997-05-011997-05-011997-05-011997-05-011997-05-011997-08-151997-05-011997-08-151997-05-011997-05-011997-05-012007-11-302007-11-302007-11-302007-11-30This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.<br/><br/>The Example assumes that you invest $10,000 in Class A, Class B, Class C, Institutional, Class IR and/or Class R Shares of the Fund for the time periods indicated and then redeem all of your Class A, Class B, Class C, Institutional, Class IR and/or Class R Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same (except that the Example incorporates the expense limitation arrangement for only the first year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:The Fund pays transaction costs when it buys and sells securities or instruments (i.e., &#8220;turns over&#8221; its portfolio). A high rate of portfolio turnover may result in increased transaction costs, including brokerage commissions, which must be borne by the Fund and its shareholders, and is also likely to result in higher short-term capital gains for taxable shareholders. These costs are not reflected in annual fund operating expenses or in the expense example above, but are reflected in the Fund&#8217;s performance. The Fund&#8217;s portfolio turnover rate for the fiscal year ended October 31, 2012 was 119% of the average value of its portfolio.The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at the time of purchase) ("Net Assets") in a diversified portfolio of equity investments in companies that are organized outside the United States or whose securities are principally traded outside the United States. Such equity investments may include exchange-traded funds ("ETFs"), futures and other instruments with similar economic exposures. The Fund intends to invest in companies with public stock market capitalizations that are larger than $500 million at the time of investment, and in at least three foreign countries.<br/><br/>The Fund expects to invest a substantial portion of its assets in the securities of issuers located in the developed countries of Western Europe and in Japan, but may also invest in securities of issuers located in Australia, Canada, New Zealand and in emerging countries. From time to time, the Fund's investments in a particular developed country may exceed 25% of its investment portfolio. The Fund is "strategic" in that it provides investors with access to the long term investment opportunity of the international markets.<br/><br/>The Fund's investments are selected using a strong valuation discipline to purchase what the Investment Adviser believes are well-positioned, cash-generating businesses run by shareholder-oriented management teams.<br/><br/>The Fund may also invest in fixed income securities, such as government, corporate and bank debt obligations.The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at the time of purchase) ("Net Assets") in a diversified portfolio of equity investments in non-U.S. small-cap companies. Such equity investments may include exchange-traded funds ("ETFs"), futures and other instruments with similar economic exposures. Non-U.S. small-cap companies are companies:<ul type="square"><li style="margin-left:-20px"><blockquote style="margin-left:15px">With public stock market capitalizations within the range of the market capitalization of companies constituting the S&amp;P Developed Ex-U.S. Small Cap Index (net) at the time of investment, which as of December 31, 2012 was between $5 million and $12 billion; and</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote style="margin-left:15px">That are organized outside the United States or whose securities are principally traded outside the United States.</blockquote></li></ul>The Fund seeks to achieve its investment objective by investing in issuers that are considered by the Investment Adviser to be strategically positioned for long-term growth through its evaluation of factors such as a company's financial position relative to peers, current financial condition, competitive position in its industry, ability to capitalize on future growth, and equity valuation. The Fund's investments are selected using a strong valuation discipline to purchase what the Investment Adviser believes are well-positioned, cash-generating businesses run by shareholder-oriented management teams.<br/><br/>The Fund's assets are invested in at least three foreign countries. The Fund expects to invest a substantial portion of its assets in securities of companies in the developed countries of Western Europe, Japan and Asia, but may also invest in securities of issuers located in Australia, Canada, New Zealand and in emerging countries. From time to time, the Fund's investments in a particular developed country may exceed 25% of its investment portfolio.<br/><br/>The Fund may invest in equity investments outside the market capitalization range specified above and in fixed income securities, such as government, corporate and bank debt obligations.<b>Principal Risks of the Fund </b><b>Expense Example </b><b>Portfolio Turnover </b>The Fund pays transaction costs when it buys and sells securities or instruments (i.e., &#8220;turns over&#8221; its portfolio). A high rate of portfolio turnover may result in increased transaction costs, including brokerage commissions, which must be borne by the Fund and its shareholders, and is also likely to result in higher short-term capital gains for taxable shareholders. These costs are not reflected in annual fund operating expenses or in the expense example above, but are reflected in the Fund&#8217;s performance. The Fund&#8217;s portfolio turnover rate for the fiscal year ended October 31, 2012 was 119% of the average value of its portfolio.<b>Principal Strategy </b>The after-tax returns are for Class A Shares only. The after-tax returns for Class B, Class C, Institutional, Service and Class IR Shares, and returns for Class R Shares (which are offered exclusively to retirement plans), will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.<b>Principal Risks of the Fund </b>Loss of money is a risk of investing in the Fund. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any government agency. The Fund should not be relied upon as a complete investment program. There can be no assurance that the Fund will achieve its investment objective.<br/><br/>Investment in the Fund involves substantial risks which prospective investors should consider carefully before investing.<br/><br/><b>Foreign and Emerging Countries Risk.</b> Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information and less economic, political and social stability in the countries in which the Fund invests. Loss may also result from the imposition of exchange controls, confiscations and other government restrictions, or from problems in share registration, settlement or custody. Foreign risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent the Fund also invests in issuers located in emerging countries, these risks may be more pronounced.<br/><br/><b>Market Risk.</b> The value of the instruments in which the Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets.<br/><br/><b>Stock Risk.</b> Stock prices have historically risen and fallen in periodic cycles. U.S. and foreign stock markets have experienced periods of substantial price volatility in the past and may do so again in the future.<b>Performance </b>The bar chart and table below provide an indication of the risks of investing in the Fund by showing: (a) changes in the performance of the Fund&#8217;s Institutional Shares from year to year; and (b) how the average annual total returns of the Fund&#8217;s Class A, Class B, Class C, Institutional, Service and Class IR Shares compare to those of a broad-based securities market index. The Fund&#8217;s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available at no cost at www.goldmansachsfunds.com/performance or by calling the appropriate phone number on the back cover of this Prospectus. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown.2011-04-292011-04-292011-04-292011-04-292011-04-292011-04-292011-04-292011-04-292011-04-292011-04-29The bar chart and table below provide an indication of the risks of investing in the Fund by showing: (a) changes in the performance of the Fund&#8217;s Class A Shares from year to year; and (b) how the average annual total returns of the Fund&#8217;s Class A, Class B, Class C, Institutional, Class IR and Class R Shares compare to those of a broad-based securities market index. The Fund&#8217;s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available at no cost at www.goldmansachsfunds.com/performance or by calling the appropriate phone number on the back cover of this Prospectus.<br/><br/>The bar chart (including &#8220;Best Quarter&#8221; and &#8220;Worst Quarter&#8221; information) does not reflect the sales loads applicable to Class A Shares. If the sales loads were reflected, returns would be less. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown.0.08830.08550.06090.17460.09310.17460.13280.17460.15580.17460.17460.15440.17460.14880.1746The after-tax returns are for Class A Shares only. The after-tax returns for Class B, Class C, Institutional, Service and Class IR Shares will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.The after-tax returns are for Class A Shares only. The after-tax returns for Class B, Class C, Institutional, Service and Class IR Shares, and returns for Class R Shares (which are offered exclusively to retirement plans), will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.The after-tax returns are for Class A Shares only. The after-tax returns for Class B, Class C, Institutional and Class IR Shares, and returns for Class R Shares (which are offered exclusively to retirement plans), will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.The after-tax returns are for Class A Shares only. The after-tax returns for Class B, Class C, Institutional, Service and Class IR Shares will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at the time of purchase) ("Net Assets") in a portfolio of equity investments that are tied economically to the "N-11 countries," as defined below, or in issuers that participate in the markets of the N-11 countries. The Investment Adviser considers an investment to be tied economically to the N-11 countries if the investment is included in an index representative of one or more N-11 countries, the investment's returns are linked to the performance of such an index, or the investment is exposed to the economic risks and returns of one or more N-11 countries.<br /><br /> An issuer participates in the markets of the N-11 countries if the issuer: <ul type="square"><li style="margin-left:-20px"><blockquote>Has a class of its securities whose principal securities market is in a N-11 country; </blockquote></li><li style="margin-left:-20px"><blockquote>Is organized under the laws of, or has a principal office in, a N-11 country; </blockquote></li><li style="margin-left:-20px"><blockquote>Derives 50% or more of its total revenue or profit from goods produced, sales made or services provided in one or more N-11 countries; or </blockquote></li><li style="margin-left:-20px"><blockquote>Maintains 50% or more of its assets in one or more N-11 countries.</blockquote></li></ul>The "N-11 countries" are countries that have been identified by the Goldman Sachs Global Economics, Commodities, and Strategy Research Team as the "Next Eleven" emerging countries after the BRICs (i.e., after Brazil, Russia, India and China) that share the potential to experience high economic growth and be important contributors to global gross domestic product (GDP) in the future.<br /><br /> The N-11 countries are Bangladesh, Egypt, Indonesia, Iran, Mexico, Nigeria, Pakistan, Philippines, South Korea, Turkey and Vietnam. The Fund will not invest in issuers organized under the laws of Iran, or domiciled in Iran, or in certain other issuers as necessary to comply with U.S. economic sanctions against Iran. Only securities open to foreign ownership by U.S. investors are eligible for investment by the Fund, and in some instances the Fund may be subject to foreign ownership limitations in these countries. The Fund may not be invested in all of the N-11 countries at all times. Under normal circumstances, the Fund maintains investments that are tied economically to and/or issuers that participate in the markets of at least four of the N-11 countries, and will not invest more than 50% of its Net Assets in investments that are tied economically to and/or issuers that participate in the markets of any one country.<br /><br /> The Fund expects to invest primarily in equity securities, including common or ordinary stocks, American Depositary Receipts ("ADRs"), Global Depositary Receipts ("GDRs"), preferred stock, convertible securities, investment companies (including other mutual funds or exchange-traded funds ("ETFs")), and rights and warrants. The Fund's equity investments may also include equity swaps, equity index swaps, futures, participation notes, options and other derivatives and structured securities, which are used primarily to gain broad access to markets and/or individual securities that may be difficult to access via direct investment in equity securities.<br /><br />The Fund's investments are selected using a strong valuation discipline based on industry specific metrics, to purchase what the Investment Adviser believes are well positioned, cash-generating businesses run by shareholder-oriented management teams. From a valuation perspective, the Investment Adviser generally looks for companies where its proprietary estimate of their earnings, asset value or cash flow is meaningfully different from consensus; or where the Investment Adviser believes growth in intrinsic value is not reflected in the share price. Allocation of the Fund's investments is determined by the Investment Adviser's assessment of a company's upside potential and downside risk, how attractive it appears relative to the Fund's other holdings, and how the addition will impact the Fund's sector and industry weightings. The largest weightings are given to companies the Investment Adviser believes have the most upside return potential relative to their contribution to overall portfolio risk. The Fund's investments may include companies of all capitalization sizes. <br /><br />The Fund may invest in: (i) developed country investments and other emerging country investments; and (ii) fixed income investments, including non-investment grade fixed income securities.<br /><br />THE FUND IS NON-DIVERSIFIED UNDER THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED ("INVESTMENT COMPANY ACT"), AND MAY INVEST A LARGER PERCENTAGE OF ITS ASSETS IN FEWER ISSUERS THAN DIVERSIFIED MUTUAL FUNDS.<b>Principal Risks of the Fund </b>0.00590.00590.00590.00590.00590.00590.0059-0.0185-0.0212-0.0162-0.0187-0.0148-0.0033-0.0083-0.0048Loss of money is a risk of investing in the Fund. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any government agency. The Fund should not be relied upon as a complete investment program. There can be no assurance that the Fund will achieve its investment objective.<br/><br/> Investment in the Fund involves substantial risks which prospective investors should consider carefully before investing. <br/><br/><b>Foreign and Emerging Countries Risk.</b> Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information and less economic, political and social stability in the countries in which the Fund invests. Loss may also result from the imposition of exchange controls, confiscations and other government restrictions, or from problems in share registration, settlement or custody. Foreign risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent the Fund also invests in issuers located in emerging countries, these risks may be more pronounced. <br/><br/>The Fund will invest heavily in issuers located in or that participate in the markets of Bangladesh, Egypt, Indonesia, Mexico, Nigeria, Pakistan, Philippines, South Korea, Turkey and Vietnam and therefore will be particularly exposed to the economies, industries, securities and currency markets of these countries, which may be adversely affected by protectionist trade policies, slow economic activity worldwide, political and social instability, environmental events and natural disasters, regional and global conflicts, terrorism and war, including actions that are contrary to the interests of the U.S. The N-11 countries currently generally have smaller economies or less developed capital markets than traditional emerging markets countries, and, as a result, the risks of investing in emerging market countries are magnified in these countries. <br/><br/><b>Foreign Custody Risk.</b> The Fund may hold foreign securities and cash with foreign banks, agents, and securities depositories appointed by the Fund's custodian (each a "Foreign Custodian"). Some Foreign Custodians may be recently organized or new to the foreign custody business. In some countries, Foreign Custodians may be subject to little or no regulatory oversight over or independent evaluation of their operations. Further, the laws of certain countries may place limitations on the Fund's ability to recover its assets if a Foreign Custodian enters bankruptcy. Investments in emerging markets may be subject to even greater custody risks than investments in more developed markets. Custody services in emerging market countries are very often underdeveloped and may be considerably less well regulated than in more developed countries, and thus may not afford the same level of investor protection as would apply in developed countries. <br/><br/><b>Liquidity Risk.</b> The Fund may make investments that may be illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that the Fund will not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, the Fund may be forced to sell securities at an unfavorable time and/or under unfavorable conditions. <br/><br/><b>Market Risk.</b> The value of the instruments in which the Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. <br/><br/><b>Non-Diversification Risk.</b> The Fund is non-diversified, meaning that it is permitted to invest a larger percentage of its assets in fewer issuers than diversified mutual funds. Thus, the Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio, and may be more susceptible to greater losses because of these developments. <br/><br/><b>Sector Risk.</b> To the extent the Fund invests a significant amount of its assets in one or more sectors, such as the financial services or telecommunications sectors, the Fund will be subject to greater risk of loss as a result of adverse economic, business or other developments than if its investments were diversified across different sectors. <br/><br/><b>Stock Risk.</b> Stock prices have historically risen and fallen in periodic cycles. U.S. and foreign stock markets have experienced periods of substantial price volatility in the past and may do so again in the future.Best Quarter<br/> Q1 &#8216;12&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;+15.33%<br/><br/> Worst Quarter<br/> Q4 &#8216;08&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8211;22.14%The bar chart and table below provide an indication of the risks of investing in the Fund by showing: (a) changes in the performance of the Fund&#8217;s Institutional Shares from year to year; and (b) how the average annual total returns of the Fund&#8217;s Class A, Class C, Institutional and Class IR Shares compare to those of a broad-based securities market index. The Fund&#8217;s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available at no cost at www.goldmansachsfunds.com/performance or by calling the appropriate phone number on the back cover of this Prospectus. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown.<b>TOTAL RETURN CALENDAR YEAR (INSTITUTIONAL)</b>AVERAGE ANNUAL TOTAL RETURN<br/><b>For the period ended December 31, 2012</b>Loss of money is a risk of investing in the Fund. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any government agency. The Fund should not be relied upon as a complete investment program. There can be no assurance that the Fund will achieve its investment objective.<br/><br/> Investment in the Fund involves substantial risks which prospective investors should consider carefully before investing.<br/><br/><b>Foreign and Emerging Countries Risk.</b> Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information and less economic, political and social stability in the countries in which the Fund invests. Loss may also result from the imposition of exchange controls, confiscations and other government restrictions, or from problems in share registration, settlement or custody. Foreign risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent the Fund also invests in issuers located in emerging countries, these risks may be more pronounced.<br/><br/><b>Market Risk.</b> The value of the instruments in which the Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets.<br/><br/><b>Mid-Cap and Small-Cap Risk.</b> Investments in mid-capitalization and small-capitalization companies involve greater risks than those associated with larger, more established companies. These securities may be subject to more abrupt or erratic price movements and may lack sufficient market liquidity, and these issuers often face greater business risks.<br/><br/><b>Stock Risk.</b> Stock prices have historically risen and fallen in periodic cycles. U.S. and foreign stock markets have experienced periods of substantial price volatility in the past and may do so again in the future.Best Quarter<br/> Q2 &#8216;09&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#43;20.71%<br/><br/> Worst Quarter <br/>Q3 &#8216;08&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8211;22.26%Best Quarter<br/> Q1 &#8216;12&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;+11.20%<br/><br/> Worst Quarter <br/>Q2 &#8216;12&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#8211;1.71%<b>Performance </b>The bar chart and table below provide an indication of the risks of investing in the Fund by showing: (a) changes in the performance of the Fund&#8217;s Institutional Shares from year to year; and (b) how the average annual total returns of the Fund&#8217;s Class A, Class B, Class C, Institutional, Service and Class IR Shares compare to those of a broad-based securities market index. The Fund&#8217;s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available at no cost at www.goldmansachsfunds.com/performance or by calling the appropriate phone number on the back cover of this Prospectus. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown.0.055You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in Goldman Sachs Funds. More information about these and other discounts is available from your financial professional and in &#8220;Shareholder Guide&#8212;Common Questions Applicable to the Purchase of Class A Shares&#8221; beginning on page 76 of this Prospectus and &#8220;Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends&#8221; beginning on page B-107 of the Fund&#8217;s Statement of Additional Information (&#8220;SAI&#8221;).500000.31140.10460.05950.0820.0274This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. <br /><br />The Example assumes that you invest $10,000 in Class A, Class B, Class C, Institutional, Service and/or Class IR Shares of the Fund for the time periods indicated and then redeem all of your Class A, Class B, Class C, Institutional, Service and/or Class IR Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same (except that the Example incorporates the fee waiver arrangement for only the first year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:A contingent deferred sales charge (&#8220;CDSC&#8221;) of 1% is imposed on Class C Shares redeemed within 12 months of purchase.-0.4075Best Quarter<br/> Q2 &#8216;09&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#43;36.68%<br/><br/> Worst Quarter<br/> Q4 &#8216;08&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8211;29.14%0.31020.136100.04030.15330You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in Goldman Sachs Funds. More information about these and other discounts is available from your financial professional and in &#8220;Shareholder Guide&#8212;Common Questions Applicable to the Purchase of Class A Shares&#8221; beginning on page 76 of this Prospectus and &#8220;Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends&#8221; beginning on page B-107 of the Fund&#8217;s Statement of Additional Information (&#8220;SAI&#8221;).500000A contingent deferred sales charge (&#8220;CDSC&#8221;) is imposed on Class B Shares redeemed within six years of purchase, declining from a rate of 5% in the first year to 1% in the sixth year, and eliminated thereafter. A CDSC of 1% is imposed on Class C Shares redeemed within 12 months of purchase.February 28, 20141.190The bar chart and table below provide an indication of the risks of investing in the Fund by showing: (a) changes in the performance of the Fund&#8217;s Institutional Shares from year to year; and (b) how the average annual total returns of the Fund&#8217;s Class A, Class B, Class C, Institutional, Service and Class IR Shares compare to those of a broad-based securities market index.The Fund&#8217;s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.0February 28, 2014February 28, 20140.9A contingent deferred sales charge (&#8220;CDSC&#8221;) of 1% is imposed on Class C Shares redeemed within 12 months of purchase.www.goldmansachsfunds.com/performance50000You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in Goldman Sachs Funds. More information about these and other discounts is available from your financial professional and in &#8220;Shareholder Guide&#8212;Common Questions Applicable to the Purchase of Class A Shares&#8221; beginning on page 76 of this Prospectus and &#8220;Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends&#8221; beginning on page B-107 of the Fund&#8217;s Statement of Additional Information (&#8220;SAI&#8221;).Best QuarterLoss of money is a risk of investing in the Fund.0.57Best QuarterWorst Quarter2012-03-312009-06-30<b>Non-Diversification Risk.</b> The Fund is non-diversified, meaning that it is permitted to invest a larger percentage of its assets in fewer issuers than diversified mutual funds. Thus, the Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio, and may be more susceptible to greater losses because of these developments.0.15330.3668Worst Quarter2008-12-31An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any government agency.2008-12-31-0.2214-0.2914The after-tax returns for Class B, Class C, Institutional, Service and Class IR Shares will vary.After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.February 28, 2014Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.0.82You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in Goldman Sachs Funds. More information about these and other discounts is available from your financial professional and in &#8220;Shareholder Guide&#8212;Common Questions Applicable to the Purchase of Class A Shares&#8221; beginning on page 76 of this Prospectus and &#8220;Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends&#8221; beginning on page B-107 of the Fund&#8217;s Statement of Additional Information (&#8220;SAI&#8221;).The Fund's "Total Annual Fund Operating Expenses" have been restated to reflect expenses expected to be incurred during the current fiscal year.The bar chart and table below provide an indication of the risks of investing in the Fund by showing: (a) changes in the performance of the Fund&#8217;s Institutional Shares from year to year; and (b) how the average annual total returns of the Fund&#8217;s Class A, Class C, Institutional and Class IR Shares compare to those of a broad-based securities market index.Loss of money is a risk of investing in the Fund.An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any government agency.A contingent deferred sales charge of 1% is imposed on Class C Shares redeemed within 12 months of purchase.1992-12-011992-12-011992-12-011992-12-011996-05-011996-05-011997-08-151996-02-071996-03-062010-08-311996-02-071996-03-062010-08-311997-08-1550000Loss of money is a risk of investing in the Fund.The Fund&#8217;s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.0An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any government agency.The Fund&#8217;s &#8220;Total Annual Fund Operating Expenses After Fee Waiver&#8221; have been restated to reflect the fee waiver currently in effect.The bar chart and table below provide an indication of the risks of investing in the Fund by showing: (a) changes in the performance of the Fund&#8217;s Institutional Shares from year to year; and (b) how the average annual total returns of the Fund&#8217;s Class A, Class C, Institutional and Class IR Shares compare to those of a broad-based securities market index.<b>Non-Diversification Risk.</b> The Fund is non-diversified, meaning that it is permitted to invest a larger percentage of its assets in fewer issuers than diversified mutual funds. Thus, the Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio, and may be more susceptible to greater losses because of these developments.<div style="display:none">~ http://www.goldmansachsfunds.com/role/ScheduleAnnualTotalReturnsGoldmanSachsEmergingMarketsEquityFundBarChart column period compact * ~</div>
www.goldmansachsfunds.com/performanceThe Goldman Sachs Structured Large Cap Growth Fund (the &#8220;Fund&#8221;) seeks long-term growth of capital, with dividend income as a secondary consideration.0.05www.goldmansachsfunds.com/performanceThe Fund&#8217;s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in Goldman Sachs Funds. More information about these and other discounts is available from your financial professional and in &#8220;Shareholder Guide&#8212;Common Questions Applicable to the Purchase of Class A Shares&#8221; beginning on page 78 of this Prospectus and &#8220;Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends&#8221; beginning on page B-107 of the Fund&#8217;s Statement of Additional Information (&#8220;SAI&#8221;).0.01<div style="display:none">~ http://www.goldmansachsfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedGoldmanSachsEmergingMarketsEquityFund column period compact * ~</div>
Assuming complete redemption at end of period<b>TOTAL RETURN CALENDAR YEAR (INSTITUTIONAL)</b>Assuming no redemption0Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.The after-tax returns are for Class A Shares only. The after-tax returns for Class C, Institutional and Class IR Shares will vary.Loss of money is a risk of investing in the Fund.0Best Quarter02012-12-31<b>Non-Diversification Risk.</b> The Fund is non-diversified, meaning that it is permitted to invest a larger percentage of its assets in fewer issuers than diversified mutual funds. Thus, the Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio, and may be more susceptible to greater losses because of these developments.0.1431The after-tax returns are for Class A Shares only. The after-tax returns for Class C, Institutional and Class IR Shares will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.Worst Quarter2012-06-30-0.038An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any government agency.The bar chart and table below provide an indication of the risks of investing in the Fund by showing: (a) changes in the performance of the Fund&#8217;s Class A Shares from year to year; and (b) how the average annual total returns of the Fund&#8217;s Class A, Class C, Institutional and Class IR Shares compare to those of a broad-based securities market index.www.goldmansachsfunds.com/performanceThe Fund&#8217;s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.The bar chart (including &#8220;Best Quarter&#8221; and &#8220;Worst Quarter&#8221; information) does not reflect the sales loads applicable to Class A Shares. If the sales loads were reflected, returns would be less. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown.After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.The after-tax returns are for Class A Shares only. The after-tax returns for Class C, Institutional and Class IR Shares will vary.The after-tax returns are for Class A Shares only. The after-tax returns for Class C, Institutional and Class IR Shares will vary.Best Quarter2009-06-30After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.0.4438Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.Worst Quarter2008-09-30<b>Annual Fund Operating Expenses<br/>(expenses that you pay each year as a percentage of the value of your investment)</b><div style="display:none">~ http://www.goldmansachsfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedGoldmanSachsChinaEquityFund column period compact * ~</div>
<div style="display:none">~ http://www.goldmansachsfunds.com/role/ScheduleAnnualTotalReturnsGoldmanSachsChinaEquityFundBarChart column period compact * ~</div>
-0.3471The Fund pays transaction costs when it buys and sells securities or instruments (i.e., &#8220;turns over&#8221; its portfolio). A high rate of portfolio turnover may result in increased transaction costs, including brokerage commissions, which must be borne by the Fund and its shareholders, and is also likely to result in higher short-term capital gains for taxable shareholders. These costs are not reflected in the annual fund operating expenses or in the expense example above, but are reflected in the Fund&#8217;s performance. The Fund&#8217;s portfolio turnover rate for the fiscal year ended October 31, 2012 was 146% of the average value of its portfolio.AVERAGE ANNUAL TOTAL RETURN<br/><b>For the period ended December 31, 2012</b>-0.0983-0.0982-0.0821-0.0251-0.0738-0.0251-0.0631-0.0251-0.0651-0.0251The after-tax returns are for Class A Shares only. The after-tax returns for Class B, Class C, Institutional, Service and Class IR Shares will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.<b>Fees and Expenses of the Fund </b>0.00850.00850.00850.00850.0085Best Quarter<br/> Q2 &#8216;09&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#43;27.59%<br/><br/> Worst Quarter <br/>Q3 &#8216;08&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8211;23.12%0.00850.00250.010.0100Assuming complete redemption at end of periodAssuming no redemption0.0050.00850.008500.00850.050.00660.0100.0083000.00840.00020.00020.00020.00020.0002-0.00960.00020.01970.05350.04930.04630.07370.0530.07370.05160.07370.06380.07370.05850.07370.02720.04560.03160.04560.03670.04560.02490.04560.02820.04560.02340.02420.02840.00390.00390.02720.0153This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. <br /><br />The Example assumes that you invest $10,000 in Class A, Class B, Class C, Institutional, Service and/or Class IR Shares of the Fund for the time periods indicated and then redeem all of your Class A, Class B, Class C, Institutional, Service and/or Class IR Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same (except that the Example incorporates the fee waiver and expense limitation arrangements for only the first year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at time of purchase) ("Net Assets") in a diversified portfolio of equity investments in companies that are organized outside the United States or whose securities are principally traded outside the United States. Such equity investments may include exchange-traded funds ("ETFs"), futures and other instruments with similar economic exposures. Under normal circumstances, the Fund intends to invest in companies with public stock market capitalizations within the range of the market capitalization of companies constituting the MSCI&#174; Europe, Australia, Far East ("EAFE") (net) Index (unhedged), with dividends reinvested ("MSCI&#174; EAFE&#174; Index") at the time of investment, which as of December 31, 2012 was between $1 billion and $200 billion. The Fund seeks to achieve its investment objective by investing, under normal circumstances, in at least three foreign countries and in up to approximately 40 companies that are considered by the Investment Adviser to be positioned for long-term capital appreciation.<br/><br/> The Investment Adviser evaluates factors such as a company's financial position relative to its peers, current financial condition, competitive position in its industry and equity valuation. The Fund's investments are selected using a strong valuation discipline to purchase what the Investment Adviser believes are well-positioned, cash-generating businesses run by shareholder-oriented management teams.<br/><br/> The Fund expects to invest a substantial portion of its assets in the securities of issuers located in the developed countries of Western Europe and in Japan, but may also invest in securities of issuers located in emerging countries. From time to time, the Fund's investments in a particular developed country may exceed 25% of its investment portfolio.<br/><br/> The Fund may also invest in fixed income securities, such as government, corporate and bank debt obligations.Loss of money is a risk of investing in the Fund. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any government agency. The Fund should not be relied upon as a complete investment program. There can be no assurance that the Fund will achieve its investment objective.<br/><br/> Investment in the Fund involves substantial risks which prospective investors should consider carefully before investing.<br/><br/> <b>Foreign and Emerging Countries Risk.</b> Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information and less economic, political and social stability in the countries in which the Fund invests. Loss may also result from the imposition of exchange controls, confiscations and other government restrictions, or from problems in share registration, settlement or custody. Foreign risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent the Fund also invests in issuers located in emerging countries, these risks may be more pronounced.<br/><br/> <b>Issuer Concentration Risk.</b> The Fund intends to invest in up to approximately 40 companies. This relatively small number of issuers may subject the Fund to greater risks, because a decline in the value of any single investment held by the Fund may adversely affect the Fund's overall value more than it would affect that of a fund holding a greater number of investments.<br/><br/> <b>Market Risk.</b> The value of the instruments in which the Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets.<br/><br/> <b>Stock Risk.</b> Stock prices have historically risen and fallen in periodic cycles. U.S. and foreign stock markets have experienced periods of substantial price volatility in the past and may do so again in the future.The bar chart and table below provide an indication of the risks of investing in the Fund by showing: (a) changes in the performance of the Fund&#8217;s Class A Shares from year to year; and (b) how the average annual total returns of the Fund&#8217;s Class A, Class B, Class C, Institutional, Service and Class IR Shares compare to those of a broad-based securities market index. The Fund&#8217;s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available at no cost at www.goldmansachsfunds.com/performance or by calling the appropriate phone number on the back cover of this Prospectus. <br /><br />The bar chart (including &#8220;Best Quarter&#8221; and &#8220;Worst Quarter&#8221; information) does not reflect the sales loads applicable to Class A Shares. If the sales loads were reflected, returns would be less. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown.<b>TOTAL RETURN CALENDAR YEAR (CLASS A)</b>0.017Best Quarter<br/> Q2 &#8216;03&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;+20.18%<br/><br/> Worst Quarter<br/> Q3 &#8216;08&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8211;22.05%AVERAGE ANNUAL TOTAL RETURN <br/><b>For the period ended December 31, 2012</b><div style="display:none">~ http://www.goldmansachsfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedGoldmanSachsBRICFund(Brazil,Russia,India,China) column period compact * ~</div>
0.0221A contingent deferred sales charge (&#8220;CDSC&#8221;) is imposed on Class B Shares redeemed within six years of purchase, declining from a rate of 5% in the first year to 1% in the sixth year, and eliminated thereafter. A CDSC of 1% is imposed on Class C Shares redeemed within 12 months of purchase.<div style="display:none">~ http://www.goldmansachsfunds.com/role/ScheduleAnnualTotalReturnsGoldmanSachsBRICFund(Brazil,Russia,India,China)BarChart column period compact * ~</div>
February 28, 2014The Fund&#8217;s &#8220;Total Annual Fund Operating Expenses After Fee Waiver and Expense Limitation&#8221; have been restated to reflect the fee waiver and expense limitation currently in effect.1.44Best Quarter2012-03-31You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in Goldman Sachs Funds. More information about these and other discounts is available from your financial professional and in &#8220;Shareholder Guide&#8212;Common Questions Applicable to the Purchase of Class A Shares&#8221; beginning on page 51 of this Prospectus and &#8220;Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends&#8221; beginning on page B-107 of the Fund&#8217;s Statement of Additional Information (&#8220;SAI&#8221;).0.112-0.00550000Worst Quarter2012-06-30Loss of money is a risk of investing in the Fund.-0.0171An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any government agency.The bar chart and table below provide an indication of the risks of investing in the Fund by showing: (a) changes in the performance of the Fund&#8217;s Class A Shares from year to year; and (b) how the average annual total returns of the Fund&#8217;s Class A, Class B, Class C, Institutional, Service and Class IR Shares compare to those of a broad-based securities market index.-0.005The Fund&#8217;s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.www.goldmansachsfunds.com/performance-0.005The bar chart (including &#8220;Best Quarter&#8221; and &#8220;Worst Quarter&#8221; information) does not reflect the sales loads applicable to Class A Shares. If the sales loads were reflected, returns would be less. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown.After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.The after-tax returns are for Class A Shares only. The after-tax returns for Class B, Class C, Institutional, Service and Class IR Shares will vary.-0.0046-0.0048<div style="display:none">~ http://www.goldmansachsfunds.com/role/ScheduleShareholderFeesGoldmanSachsConcentratedInternationalEquityFund column period compact * ~</div>
-0.0049<div style="display:none">~ http://www.goldmansachsfunds.com/role/ScheduleAnnualFundOperatingExpensesGoldmanSachsConcentratedInternationalEquityFund column period compact * ~</div>
<b>Expense Example </b>0.0147<div style="display:none">~ http://www.goldmansachsfunds.com/role/ScheduleExpenseExampleTransposedGoldmanSachsConcentratedInternationalEquityFund column period compact * ~</div>
<div style="display:none">~ http://www.goldmansachsfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedGoldmanSachsConcentratedInternationalEquityFund column period compact * ~</div>
0.02220.02220.01070.01220.017200000.00250-0.0084-0.01320.33870.13050.13520.21850.07190-0.45720.26940This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.<br/><br/>This Example assumes that you invest $10,000 in Class A, Class B, Class C, Institutional, Service, Class IR and/or Class R Shares of the Fund for the time periods indicated and then redeem all of your Class A, Class B, Class C, Institutional, Service, Class IR and/or Class R Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same (except that the Example incorporates the fee waiver and expense limitation arrangements for only the first year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:0.0996-0.173900.2220You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in Goldman Sachs Funds. More information about these and other discounts is available from your financial professional and in &#8220;Shareholder Guide&#8212;Common Questions Applicable to the Purchase of Class A Shares&#8221; beginning on page 78 of this Prospectus and &#8220;Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends&#8221; beginning on page B-107 of the Fund&#8217;s Statement of Additional Information (&#8220;SAI&#8221;).0.00255000001.35Best Quarter2003-06-300.2018Worst QuarterFebruary 28, 20142008-09-30-0.2205A contingent deferred sales charge (&#8220;CDSC&#8221;) is imposed on any Class B Shares redeemed within six years of purchase, declining from a rate of 5% in the first year to 1% in the sixth year, and eliminated thereafter. A CDSC of 1% is imposed on Class C Shares redeemed within 12 months of purchase.The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at time of purchase) ("Net Assets") in a diversified portfolio of equity investments in large cap U.S. issuers, including foreign issuers that are traded in the United States. These issuers have public stock market capitalizations similar to those of companies constituting the Russell 1000&#174; Index at the time of investment, which as of February 1, 2013 was between $231 million and $311 billion. However, the Fund may invest in securities outside the Russell 1000&#174; capitalization range.<br/><br/> The Fund uses a "structured" quantitative style of management, in combination with a qualitative overlay, that emphasizes fundamentally-based stock selection, careful portfolio construction and efficient implementation. The Fund's investments are selected using fundamental research and a variety of quantitative techniques based on certain investment themes, including, among others, Valuation, Quality, and Momentum. The Valuation theme attempts to capture potential mispricings of securities, typically by comparing a measure of the company's intrinsic value to its market value. The Quality theme assesses both firm and management quality. The Momentum theme seeks to predict drifts in stock prices caused by delayed investor reaction to company-specific information and information about related companies. The Investment Adviser may, in its discretion, make changes to its quantitative techniques, or use other quantitative techniques that are based on the Investment Adviser's proprietary research.<br/><br/> The Fund maintains risk, style, and capitalization characteristics similar to the Russell 1000&#174; Value Index, which generally consists of companies with above average capitalizations, low earnings growth expectations and above average dividend yields. The Fund seeks to maximize expected return while maintaining these and other characteristics similar to the benchmark.<br/><br/>The Fund may also invest in fixed income securities that are considered to be cash equivalents.Loss of money is a risk of investing in the Fund. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any government agency. The Fund should not be relied upon as a complete investment program. There can be no assurance that the Fund will achieve its investment objective. Investment in the Fund involves substantial risks which prospective investors should consider carefully before investing.<br/><br/> <b>Investment Style Risk.</b> Different investment styles (e.g., "growth", "value" or "quantitative") tend to shift in and out of favor depending upon market and economic conditions and investor sentiment. The Fund may outperform or underperform other funds that invest in similar asset classes but employ different investment styles. <br/><br/><b>Management Risk.</b> The risk that a strategy used by the Investment Adviser may fail to produce the intended results. The Investment Adviser attempts to execute a complex strategy for the Fund using proprietary quantitative models. Investments selected using these models may perform differently than expected as a result of the factors used in the models, the weight placed on each factor, changes from the factors' historical trends, and technical issues in the construction and implementation of the models (including, for example, data problems and/or software issues). There is no guarantee that the Investment Adviser's use of these quantitative models will result in effective investment decisions for the Fund. Additionally, commonality of holdings across quantitative money managers may amplify losses. <br/><br/><b>Market Risk.</b> The value of the instruments in which the Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. <br/><br/><b>Portfolio Turnover Rate Risk.</b> A high rate of portfolio turnover (100% or more) involves correspondingly greater expenses which must be borne by the Fund and its shareholders, and is also likely to result in short-term capital gains taxable to shareholders. <br/><br/><b>Stock Risk.</b> Stock prices have historically risen and fallen in periodic cycles. U.S. and foreign stock markets have experienced periods of substantial price volatility in the past and may do so again in the future.-0.0584-0.0535Loss of money is a risk of investing in the Fund.An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any government agency.<b>TOTAL RETURN CALENDAR YEAR (INSTITUTIONAL)</b>The bar chart and table below provide an indication of the risks of investing in the Fund by showing: (a) changes in the performance of the Fund&#8217;s Institutional Shares from year to year; and (b) how the average annual total returns of the Fund&#8217;s Class A, Class B, Class C, Institutional, Service, Class IR and Class R Shares compare to those of a broad-based securities market index.The Fund&#8217;s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.www.goldmansachsfunds.com/performance0.0083The after-tax returns are for Class A Shares only. The after-tax returns for Class B, Class C, Institutional, Service and Class IR Shares, and returns for Class R Shares (which are offered exclusively to retirement plans), will vary.After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.Best Quarter<br/> Q3 &#8216;09&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;+16.92%<br/><br/> Worst Quarter<br/> Q4 &#8216;08&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8211;22.03%0.0082AVERAGE ANNUAL TOTAL RETURN<br/><b>For the period ended December 31, 2012</b>0.0082<div style="display:none">~ http://www.goldmansachsfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedGOLDMANSACHSN-11EQUITYFUND column period compact * ~</div>
<div style="display:none">~ http://www.goldmansachsfunds.com/role/ScheduleAnnualTotalReturnsGOLDMANSACHSN-11EQUITYFUNDBarChart column period compact * ~</div>
0.006300.050.0100000.0115The Fund&#8217;s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.www.goldmansachsfunds.com/performance0.0074The bar chart and table below provide an indication of the risks of investing in the Fund by showing: (a) changes in the performance of the Fund&#8217;s Institutional Shares from year to year; and (b) how the average annual total returns of the Fund&#8217;s Class A, Class B, Class C, Institutional, Service, Class IR and Class R Shares compare to those of a broad-based securities market index.An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any government agency.2007-11-302007-11-302007-11-301998-12-311998-12-311998-12-311998-12-311998-12-311998-12-311998-12-311998-12-311998-12-311998-12-311998-12-311998-12-31Loss of money is a risk of investing in the Fund.1.46February 28, 2014The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at the time of purchase) ("Net Assets") in a diversified portfolio of equity investments in emerging country issuers. Such equity investments may include exchange-traded funds ("ETFs"), futures and other instruments with similar economic exposures. The Investment Adviser may consider classifications by the World Bank, the International Finance Corporation, the United Nations (and its agencies) or the Fund's benchmark index provider in determining whether a country is emerging or developed. Emerging countries are generally located in Africa, Asia, the Middle East, Eastern Europe and Central and South America.<br /><br /> An emerging country issuer is any company that either:<ul type="square"><li style="margin-left:-20px">Has a class of its securities whose principal securities market is in an emerging country;</li> <li style="margin-left:-20px">Is organized under the laws of, or has a principal office in, an emerging country;</li> <li style="margin-left:-20px">Derives 50% or more of its total revenue from goods produced, sales made or services provided in one or more emerging countries; or</li><li style="margin-left:-20px">Maintains 50% or more of its assets in one or more emerging countries.</li></ul>Under normal circumstances, the Fund maintains investments in at least six emerging countries, and will not invest more than 35% of its Net Assets in securities of issuers in any one emerging country. Allocation of the Fund's investments is determined by the Investment Adviser's assessment of a company's upside potential and downside risk, how attractive it appears relative to other holdings, and how the addition will impact sector and industry weightings. The largest weightings in the Fund's portfolio relative to the benchmark of the Fund are given to companies the Investment Adviser believes have the most upside return potential relative to their contribution to overall portfolio risk. The Fund's investments are selected using a strong valuation discipline to purchase what the Investment Adviser believes are well-positioned, cash-generating businesses run by shareholder-oriented management teams. <br /><br />The Fund may invest in: (i) fixed income securities of private and government emerging country issuers; and (ii) equity and fixed income securities, such as government, corporate and bank debt obligations, of developed country issuers.Loss of money is a risk of investing in the Fund. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any government agency. The Fund should not be relied upon as a complete investment program. There can be no assurance that the Fund will achieve its investment objective. <br /><br />Investment in the Fund involves substantial risks which prospective investors should consider carefully before investing.<br /><br /><b>Foreign and Emerging Countries Risk.</b> Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information and less economic, political and social stability in the countries in which the Fund invests. Loss may also result from the imposition of exchange controls, confiscations and other government restrictions, or from problems in share registration, settlement or custody. Foreign risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent the Fund also invests in issuers located in emerging countries, these risks may be more pronounced.<br /><br /> The Fund may invest heavily in issuers located in Brazil, Russia, India and China, and therefore may be particularly exposed to the economies, industries, securities and currency markets of these four countries, which may be adversely affected by protectionist trade policies, slow economic activity worldwide, political and social instability, environmental events and natural disasters, regional and global conflicts, terrorism and war, including actions that are contrary to the interests of the U.S.<br /><br /> <b>Liquidity Risk.</b> The Fund may make investments that may be illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that the Fund will not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, the Fund may be forced to sell securities at an unfavorable time and/or under unfavorable conditions.<br /><br /> <b>Market Risk.</b> The value of the instruments in which the Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets.<br /><br /> <b>Sector Risk.</b> To the extent the Fund invests a significant amount of its assets in one or more sectors, such as the financial services or telecommunications sectors, the Fund will be subject to greater risk of loss as a result of adverse economic, business or other developments than if its investments were diversified across different sectors.<br /><br /> <b>Stock Risk.</b> Stock prices have historically risen and fallen in periodic cycles. U.S. and foreign stock markets have experienced periods of substantial price volatility in the past and may do so again in the future.The after-tax returns are for Class A Shares only. The after-tax returns for Class B, Class C, Institutional, Service and Class IR Shares, and returns for Class R Shares (which are offered exclusively to retirement plans), will vary.After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.0.0083Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.0.00820.00820.00630.00360.00370.00360.00210.00710.00360.00360.00656920.00360.00370.00360.00210.00210.00360.003600.00740000.00250000000.002500A contingent deferred sales charge (&#8220;CDSC&#8221;) is imposed on any Class B Shares redeemed within six years of purchase, declining from a rate of 5% in the first year to 1% in the sixth year, and eliminated thereafter. A CDSC of 1% is imposed on Class C Shares redeemed within 12 months of purchase.0.01260.02020.02010.00860.01360.01010.0151<div style="display:none">~ http://www.goldmansachsfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedGOLDMANSACHSN-11EQUITYFUND column period compact * ~</div>
0.02180.02920.02922007-11-300.017310901512<div style="display:none">~ http://www.goldmansachsfunds.com/role/ScheduleAnnualTotalReturnsGoldmanSachsConcentratedInternationalEquityFundBarChart column period compact * ~</div>
0.02252685<div style="display:none">~ http://www.goldmansachsfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedGoldmanSachsConcentratedInternationalEquityFund column period compact * ~</div>
AVERAGE ANNUAL TOTAL RETURN<br/><b>For the period ended December 31, 2012</b>0.0184<b>Shareholder Fees</b><br/><b>(fees paid directly from your investment)</b><b>Annual Fund Operating Expenses</b><br/><b>(expenses that you pay each year as a percentage of the value of your investment)</b>0.01550.0230.0230.0115725<div style="display:none">~ http://www.goldmansachsfunds.com/role/ScheduleShareholderFeesGoldmanSachsStructuredLargeCapGrowthFund column period compact * ~</div>
0.0165<div style="display:none">~ http://www.goldmansachsfunds.com/role/ScheduleAnnualFundOperatingExpensesGoldmanSachsStructuredLargeCapGrowthFund column period compact * ~</div>
1098159728370.013<div style="display:none">~ http://www.goldmansachsfunds.com/role/ScheduleExpenseExampleTransposedGoldmanSachsStructuredLargeCapGrowthFund column period compact * ~</div>
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139730181094397921788125490880197217564511422509This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. <br /><br />This Example assumes that you invest $10,000 in Class A, Class B, Class C, Institutional, Service, Class IR and/or Class R Shares of the Fund for the time periods indicated and then redeem all of your Class A, Class B, Class C, Institutional, Service, Class IR and/or Class R Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same (except that the Example incorporates the fee waiver and expense limitation arrangements for only the first year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:<b>Goldman Sachs Structured Large Cap Growth Fund&#8212;Summary </b>1997-12-151997-12-151997-12-151997-12-151997-12-151997-12-15225798139728372010-08-311997-12-157330.00260.00260.00260.00110.00610.00250.00240.06410.06380.0420.1630.0670.1630.10680.1630.13010.1630.12380.1630.12830.1630.12260.16311450.02480.02390.0210.03550.02510.03550.02870.03550.04050.03550.03530.03550.03410.03551683225798139730180.06880.06210.05840.09710.06810.09710.06680.09710.0790.09710.07350.097130230.0390.03550.04740.04050.03880.06180.04710.06180.04360.06180.05540.06180.05020.06180.03790.03480.03310.03480.13790.1370.0954Assuming complete redemption at end of periodAssuming no redemption<b>Performance </b>0.17272007-11-302007-11-302007-11-302007-11-301997-08-151997-08-151997-08-151997-08-151997-08-151997-08-151997-08-151997-08-151997-08-151997-08-151997-08-151997-08-15233-0.46550.28020.1027845-0.15340.203514833023You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in Goldman Sachs Funds. More information about these and other discounts is available from your financial professional and in &#8220;Shareholder Guide&#8212;Common Questions Applicable to the Purchase of Class A Shares&#8221; beginning on page 78 of this Prospectus and &#8220;Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends&#8221; beginning on page B-107 of the Fund&#8217;s Statement of Additional Information (&#8220;SAI&#8221;).50000233845148331980.4620.15070.15840.0790.1302-0.15090.0944-0.34830.27990.3074-0.00940.13010.04840.1506<b><a name="toc424484_4"></a>Goldman Sachs Structured Small Cap Equity Fund&#8212;Summary </b><b>Investment Objective </b>The Goldman Sachs Structured Small Cap Equity Fund (the &#8220;Fund&#8221;) seeks long-term growth of capital.0.0913This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in Goldman Sachs Funds. More information about these and other discounts is available from your financial professional and in &#8220;Shareholder Guide&#8212;Common Questions Applicable to the Purchase of Class A Shares&#8221; beginning on page 78 of this Prospectus and &#8220;Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends&#8221; beginning on page B-107 of the Fund&#8217;s Statement of Additional Information (&#8220;SAI&#8221;).<b>Expense Example </b>0.0441205675117223470.101204673-0.0621168-0.047625310.0835-0.064-0.0598<div style="display:none">~ http://www.goldmansachsfunds.com/role/ScheduleAnnualTotalReturnsGoldmanSachsStructuredSmallCapEquityFundBarChart column period compact * ~</div>
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0.1797<div style="display:none">~ http://www.goldmansachsfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedGoldmanSachsStructuredSmallCapEquityFund column period compact * ~</div>
0.1172<b>Portfolio Turnover </b>The Fund pays transaction costs when it buys and sells securities or instruments (i.e., &#8220;turns over&#8221; its portfolio). A high rate of portfolio turnover may result in increased transaction costs, including brokerage commissions, which must be borne by the Fund and its shareholders, and is also likely to result in higher short-term capital gains for taxable shareholders. These costs are not reflected in the annual fund operating expenses or in the expense example above, but are reflected in the Fund&#8217;s performance. The Fund&#8217;s portfolio turnover rate for the fiscal year ended October 31, 2012 was 125% of the average value of its portfolio.<b>Principal Strategy </b>-0.0509<b>Principal Risks of the Fund </b>-0.03740.0631<b>Performance </b>0.1592007-06-252007-06-25The bar chart and table below provide an indication of the risks of investing in the Fund by showing: (a) changes in the performance of the Fund&#8217;s Institutional Shares from year to year; and (b) how the average annual total returns of the Fund&#8217;s Class A, Class B, Class C, Institutional, Service, Class IR and Class R Shares compare to those of a broad-based securities market index. The Fund&#8217;s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available at no cost at www.goldmansachsfunds.com/performance or by calling the appropriate phone number on the back cover of this Prospectus. <br /><br />Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown.2007-06-250.09412010-08-311997-12-151997-12-151997-12-151997-12-151997-12-150.0494AVERAGE ANNUAL TOTAL RETURN<br/><b>For the period ended December 31, 2012</b>The after-tax returns are for Class A Shares only. The after-tax returns for Class B, Class C, Institutional, Service and Class IR Shares, and returns for Class R Shares (which are offered exclusively to retirement plans), will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.Best Quarter<br/> Q3 &#8216;09&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#43;21.27%<br/><br/> Worst Quarter<br/> Q4 &#8216;08&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8211;25.66%-0.03152007-06-25-0.0377-0.0445-0.0333-0.0086-0.038-0.0341-0.0228-0.0086-0.0086-0.0086<b>Shareholder Fees</b><br/><b>(fees paid directly from your investment)</b><b>Annual Fund Operating Expenses</b><br/><b>(expenses that you pay each year as a percentage of the value of your investment)</b>-0.0086-0.0278-0.0623-0.04692007-06-25This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. <br/><br/>This Example assumes that you invest $10,000 in Class A, Class B, Class C, Institutional, Service, Class IR and/or Class R Shares of the Fund for the time periods indicated and then redeem all of your Class A, Class B, Class C, Institutional, Service, Class IR and/or Class R Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same (except that the Example incorporates the fee waiver and expense limitation arrangements for only the first year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:0.17970.11720.0631-0.0315Assuming complete redemption at end of periodAssuming no redemption-0.03680.1987-0.03680.09270.04590.17970.22220.17970.21640.17970.220.17972007-06-25-0.0584-0.0450.11720.10560.11720.09980.11722007-06-250.05790.06310.05250.06310.12490.099-0.0368-0.03152007-06-250.0631-0.0478-0.03422007-06-25-0.0368-0.03152007-06-25-0.0483-0.05162007-11-30-0.0368-0.04052007-11-30The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at time of purchase) ("Net Assets") in a broadly diversified portfolio of equity investments in small-cap U.S. issuers, including foreign issuers that are traded in the United States. These issuers will have public stock market capitalizations similar to that of the range of the market capitalizations of companies constituting the Russell 2000<sup >&#174;</sup> Index at the time of investment, which as of February 1, 2013 was between $30 million and $5.4 billion. However, the Fund may invest in securities outside the Russell 2000<sup>&#174;</sup> capitalization range.<br/><br/> The Fund uses a "structured" quantitative style of management, in combination with a qualitative overlay, that emphasizes fundamentally-based stock selection, careful portfolio construction and efficient implementation. The Fund's investments are selected using fundamental research and a variety of quantitative techniques based on certain investment themes, including, among others, Valuation, Quality, and Momentum. The Valuation theme attempts to capture potential mispricings of securities, typically by comparing a measure of the company's intrinsic value to its market value. The Quality theme assesses both firm and management quality. The Momentum theme seeks to predict drifts in stock prices caused by delayed investor reaction to company-specific information and information about related companies. The Investment Adviser may, in its discretion, make changes to its quantitative techniques, or use other quantitative techniques that are based on the Investment Adviser's proprietary research.<br/><br/> The Fund maintains risk, style, and capitalization characteristics similar to the Russell 2000<sup>&#174;</sup> Index, which is an index designed to represent an investable universe of small-cap companies. The Fund seeks to maximize expected return while maintaining these and other characteristics similar to the benchmark.<br/><br/> The Fund may also invest in fixed income securities that are considered to be cash equivalents.-0.0538-0.05712007-11-30Loss of money is a risk of investing in the Fund. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any government agency. The Fund should not be relied upon as a complete investment program. There can be no assurance that the Fund will achieve its investment objective. Investment in the Fund involves substantial risks which prospective investors should consider carefully before investing.<br/><br/> <b>Investment Style Risk.</b> Different investment styles (e.g., "growth", "value" or "quantitative") tend to shift in and out of favor depending upon market and economic conditions and investor sentiment. The Fund may outperform or underperform other funds that invest in similar asset classes but employ different investment styles.<br/><br/> <b>Management Risk.</b> The risk that a strategy used by the Investment Adviser may fail to produce the intended results. The Investment Adviser attempts to execute a complex strategy for the Fund using proprietary quantitative models. Investments selected using these models may perform differently than expected as a result of the factors used in the models, the weight placed on each factor, changes from the factors' historical trends, and technical issues in the construction and implementation of the models (including, for example, data problems and/or software issues). There is no guarantee that the Investment Adviser's use of these quantitative models will result in effective investment decisions for the Fund. Additionally, commonality of holdings across quantitative money managers may amplify losses.<br/><br/> <b>Market Risk.</b> The value of the instruments in which the Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. <br/><br/> <b>Mid-Cap and Small-Cap Risk.</b> Investments in mid-capitalization and small-capitalization companies involve greater risks than those associated with larger, more established companies. These securities may be subject to more abrupt or erratic price movements and may lack sufficient market liquidity, and these issuers often face greater business risks.<br/><br/> <b>Portfolio Turnover Rate Risk.</b> A high rate of portfolio turnover (100% or more) involves correspondingly greater expenses which must be borne by the Fund and its shareholders, and is also likely to result in short-term capital gains taxable to shareholders.<br/><br/> <b>Stock Risk.</b> Stock prices have historically risen and fallen in periodic cycles. U.S. and foreign stock markets have experienced periods of substantial price volatility in the past and may do so again in the future.-0.0368-0.04052007-11-300.1448-0.0279-0.0323-0.0249-0.0169-0.0278-0.0169-0.0241-0.0169-0.0125-0.0169-0.0177-0.01690.1727You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in Goldman Sachs Funds. More information about these and other discounts is available from your financial professional and in &#8220;Shareholder Guide&#8212;Common Questions Applicable to the Purchase of Class A Shares&#8221; beginning on page 78 of this Prospectus and &#8220;Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends&#8221; beginning on page B-107 of the Fund&#8217;s Statement of Additional Information (&#8220;SAI&#8221;).50000A contingent deferred sales charge (&#8220;CDSC&#8221;) is imposed on any Class B Shares redeemed within six years of purchase, declining from a rate of 5% in the first year to 1% in the sixth year, and eliminated thereafter. A CDSC of 1% is imposed on Class C Shares redeemed within 12 months of purchase.February 28, 20140.18560.17271.250.2093Loss of money is a risk of investing in the Fund.0.17270.20720.1727An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any government agency.The bar chart and table below provide an indication of the risks of investing in the Fund by showing: (a) changes in the performance of the Fund&#8217;s Institutional Shares from year to year; and (b) how the average annual total returns of the Fund&#8217;s Class A, Class B, Class C, Institutional, Service, Class IR and Class R Shares compare to those of a broad-based securities market index.The Fund&#8217;s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.www.goldmansachsfunds.com/performanceThe after-tax returns are for Class A Shares only. The after-tax returns for Class B, Class C, Institutional, Service and Class IR Shares, and returns for Class R Shares (which are offered exclusively to retirement plans), will vary.After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.1998-05-01Best Quarter1998-05-011998-05-011998-05-011998-05-011998-05-011998-05-011998-05-011998-05-011998-05-011998-05-011998-05-012010-08-312009-09-300.2127Worst Quarter2008-12-31-0.25662010-08-310.20150.1727-0.063-0.0667-0.0525-0.0368-0.063-0.0368-0.0594-0.0368-0.0487-0.0368-0.0534-0.0368Assuming complete redemption at end of periodAssuming no redemption<div style="display:none">~ http://www.goldmansachsfunds.com/role/ScheduleShareholderFeesGoldmanSachsStructuredSmallCapEquityFund column period compact * ~</div>
50000February 28, 20140.52530.31980.20740.1950.0002-0.49310.39740.2662-0.14220.2222www.goldmansachsfunds.com/performanceLoss of money is a risk of investing in the Fund.An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any government agency.1.19Best Quarter2009-06-300.2759The bar chart and table below provide an indication of the risks of investing in the Fund by showing: (a) changes in the performance of the Fund&#8217;s Class A Shares from year to year; and (b) how the average annual total returns of the Fund&#8217;s Class A, Class B, Class C, Institutional, Class IR and Class R Shares compare to those of a broad-based securities market index.Worst Quarter2008-09-30-0.2312The Fund&#8217;s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.The bar chart (including &#8220;Best Quarter&#8221; and &#8220;Worst Quarter&#8221; information) does not reflect the sales loads applicable to Class A Shares. If the sales loads were reflected, returns would be less. Performance reflects applicable fee waivers and/or expense limitations in effect.The after-tax returns are for Class A Shares only. The after-tax returns for Class B, Class C, Institutional and Class IR Shares, and returns for Class R Shares (which are offered exclusively to retirement plans), will vary.After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in Goldman Sachs Funds. More information about these and other discounts is available from your financial professional and in &#8220;Shareholder Guide&#8212;Common Questions Applicable to the Purchase of Class A Shares&#8221; beginning on page 51 of this Prospectus and &#8220;Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends&#8221; beginning on page B-107 of the Fund&#8217;s Statement of Additional Information (&#8220;SAI&#8221;).50000A contingent deferred sales charge (&#8220;CDSC&#8221;) is imposed on Class B Shares redeemed within six years of purchase, declining from a rate of 5% in the first year to 1% in the sixth year, and eliminated thereafter. A CDSC of 1% is imposed on Class C Shares redeemed within 12 months of purchase.February 28, 2014The Fund&#8217;s &#8220;Total Annual Fund Operating Expenses After Fee Waiver and Expense Limitation&#8221; have been restated to reflect the fee waiver and expense limitation currently in effect.0.85Loss of money is a risk of investing in the Fund.An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any government agency.The bar chart and table below provide an indication of the risks of investing in the Fund by showing: (a) changes in the performance of the Fund&#8217;s Institutional Shares from year to year; and (b) how the average annual total returns of the Fund&#8217;s Class A, Class B, Class C, Institutional, Service and Class IR Shares compare to those of a broad-based securities market index.The Fund&#8217;s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.www.goldmansachsfunds.com/performanceThe after-tax returns are for Class A Shares only. The after-tax returns for Class B, Class C, Institutional, Service and Class IR Shares will vary.After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.The &#8220;Total Annual Fund Operating Expenses&#8221; do not correlate to the ratios of net and total expenses to average net assets provided in the Financial Highlights, which reflect the operating expenses of the Fund and do not include Acquired Fund Fees and Expenses.Best Quarter2009-06-300.2071Worst Quarter2008-09-30-0.2226Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.<div style="display:none">~ http://www.goldmansachsfunds.com/role/ScheduleShareholderFeesGoldmanSachsStrategicInternationalEquityFund column period compact * ~</div>
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A contingent deferred sales charge (&#8220;CDSC&#8221;) is imposed on Class B Shares redeemed within six years of purchase, declining from a rate of 5% in the first year to 1% in the sixth year, and eliminated thereafter. A CDSC of 1% is imposed on Class C Shares redeemed within 12 months of purchase.You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in Goldman Sachs Funds. More information about these and other discounts is available from your financial professional and in &#8220;Shareholder Guide&#8212;Common Questions Applicable to the Purchase of Class A Shares&#8221; beginning on page 51 of this Prospectus and &#8220;Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends&#8221; beginning on page B-107 of the Fund&#8217;s Statement of Additional Information (&#8220;SAI&#8221;).0.15030.29010.20140.08710.1827-0.0531-0.37170.14750.14250.03410.1558Best Quarter2009-09-300.1692Worst Quarter2008-12-31-0.2203The Fund&#8217;s &#8220;Total Annual Fund Operating Expenses After Fee Waiver and Expense Limitation&#8221; have been restated to reflect the fee waiver and expense limitation currently in effect.<b>Goldman Sachs Structured Small Cap Growth Fund&#8212;Summary</b><b>Investment Objective </b>The Goldman Sachs Structured Small Cap Growth Fund (the &#8220;Fund&#8221;) seeks long-term growth of capital.<b>Fees and Expenses of the Fund </b>This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in Goldman Sachs Funds. More information about these and other discounts is available from your financial professional and in &#8220;Shareholder Guide&#8212;Common Questions Applicable to the Purchase of Class A Shares&#8221; beginning on page 78 of this Prospectus and &#8220;Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends&#8221; beginning on page B-107 of the Fund&#8217;s Statement of Additional Information (&#8220;SAI&#8221;).<b>Shareholder Fees<br/>(fees paid directly from your investment):</b><b>Annual Fund Operating Expenses</b><br/><b>(expenses that you pay each year as a percentage of the value of your investment):</b><b>Expense Example </b><b>Portfolio Turnover </b>The Fund pays transaction costs when it buys and sells securities or instruments (i.e., &#8220;turns over&#8221; its portfolio). A high rate of portfolio turnover may result in increased transaction costs, including brokerage commissions, which must be borne by the Fund and its shareholders, and is also likely to result in higher short-term capital gains for taxable shareholders. These costs are not reflected in the annual fund operating expenses or in the expense example above, but are reflected in the Fund&#8217;s performance. The Fund&#8217;s portfolio turnover rate for the fiscal year ended October 31, 2012 was 116% of the average value of its portfolio.<b>Principal Strategy </b>The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at time of purchase) ("Net Assets") in a broadly diversified portfolio of equity investments in small-cap U.S. issuers, including foreign issuers that are traded in the United States. For the purposes of this restriction, "small-cap U.S. issuers" have public stock market capitalizations of companies constituting the Russell 2000<sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: top">&#174;</sup> Index, which as of February 1, 2013 was between $30 million and $5.4 billion. However, the Fund may invest in securities outside the Russell 2000<sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: top">&#174;</sup> capitalization range.<br/><br/> The Fund uses a "structured" quantitative style of management, in combination with a qualitative overlay, that emphasizes fundamentally-based stock selection, careful portfolio construction and efficient implementation. The Fund's investments are selected using fundamental research and a variety of quantitative techniques based on certain investment themes, including, among others, Valuation, Quality and Momentum. The Valuation theme attempts to capture potential mispricings of securities, typically by comparing a measure of the company's intrinsic value to its market value. The Quality theme assesses both firm and management quality. The Momentum theme seeks to predict drifts in stock prices caused by delayed investor reaction to company-specific information and information about related companies. The Investment Adviser may, in its discretion, make changes to its quantitative techniques, or use other quantitative techniques that are based on the Investment Adviser's proprietary research.<br/><br/> The Fund maintains risk, style, and capitalization characteristics similar to the Russell 2000<sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: top">&#174;</sup> Growth Index, which is an index designed to represent an investable universe of small-cap companies with above average price to book ratios and earnings growth expectations. The Fund seeks to maximize expected return while maintaining these and other characteristics similar to the benchmark.<br/><br/> The Fund may also invest in fixed income securities considered to be cash equivalents.<b>Principal Risks of the Fund </b>Loss of money is a risk of investing in the Fund. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any government agency. The Fund should not be relied upon as a complete investment program. There can be no assurance that the Fund will achieve its investment objective. Investment in the Fund involves substantial risks which prospective investors should consider carefully before investing.<br/><br/> <b>Investment Style Risk.</b> Different investment styles (e.g., "growth", "value" or "quantitative") tend to shift in and out of favor depending upon market and economic conditions and investor sentiment. The Fund may outperform or underperform other funds that invest in similar asset classes but employ different investment styles.<br/><br/><b>Management Risk.</b> The risk that a strategy used by the Investment Adviser may fail to produce the intended results. The Investment Adviser attempts to execute a complex strategy for the Fund using proprietary quantitative models. Investments selected using these models may perform differently than expected as a result of the factors used in the models, the weight placed on each factor, changes from the factors' historical trends, and technical issues in the construction and implementation of the models (including, for example, data problems and/or software issues). There is no guarantee that the Investment Adviser's use of these quantitative models will result in effective investment decisions for the Fund. Additionally, commonality of holdings across quantitative money managers may amplify losses.<br/><br/><b>Market Risk.</b> The value of the instruments in which the Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets.<br/><br/><b>Mid-Cap and Small-Cap Risk.</b> Investments in mid-capitalization and small-capitalization companies involve greater risks than those associated with larger, more established companies. These securities may be subject to more abrupt or erratic price movements and may lack sufficient market liquidity, and these issuers often face greater business risks.<br/><br/><b>Portfolio Turnover Rate Risk.</b> A high rate of portfolio turnover (100% or more) involves correspondingly greater expenses which must be borne by the Fund and its shareholders, and is also likely to result in short-term capital gains taxable to shareholders.<br/><br/><b>Stock Risk.</b> Stock prices have historically risen and fallen in periodic cycles. U.S. and foreign stock markets have experienced periods of substantial price volatility in the past and may do so again in the future.<div style="display:none">~ http://www.goldmansachsfunds.com/role/ScheduleShareholderFeesGoldmanSachsStructuredLargeCapValueFund column period compact * ~</div>
<b>Performance </b>The bar chart and table below provide an indication of the risks of investing in the Fund by showing: (a) changes in the performance of the Fund&#8217;s Class A Shares from year to year; and (b) how the average annual total returns of the Fund&#8217;s Class A, Class B, Class C, Institutional, Class IR and Class R Shares compare to those of a broad-based securities market index. The Fund&#8217;s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available at no cost at www.goldmansachsfunds.com/performance or by calling the appropriate phone number on the back cover of this Prospectus.<br/><br/>The bar chart (including &#8220;Best Quarter&#8221; and &#8220;Worst Quarter&#8221; information) does not reflect the sales loads applicable to Class A Shares. If the sales loads were reflected, returns would be less. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown.<b>TOTAL RETURN CALENDAR YEAR (CLASS A)</b>Best Quarter<br/> Q2 &#8216;09 &nbsp; &nbsp; +21.81%<br/><br/> Worst Quarter<br/> Q4 &#8216;08 &nbsp; &nbsp; &#8211;26.48%AVERAGE ANNUAL TOTAL RETURN<b><br/>For the period ended December 31, 2012</b><div style="display:none">~ http://www.goldmansachsfunds.com/role/ScheduleAnnualFundOperatingExpensesGoldmanSachsStructuredLargeCapValueFund column period compact * ~</div>
The after-tax returns are for Class A Shares only. The after-tax returns for Class B, Class C, Institutional and Class IR Shares, and returns for Class R Shares (which are offered exclusively to retirement plans), will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in Goldman Sachs Funds. More information about these and other discounts is available from your financial professional and in &#8220;Shareholder Guide&#8212;Common Questions Applicable to the Purchase of Class A Shares&#8221; beginning on page 78 of this Prospectus and &#8220;Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends&#8221; beginning on page B-107 of the Fund&#8217;s Statement of Additional Information (&#8220;SAI&#8221;).50000<div style="display:none">~ http://www.goldmansachsfunds.com/role/ScheduleExpenseExampleTransposedGoldmanSachsStructuredLargeCapValueFund column period compact * ~</div>
A contingent deferred sales charge ("CDSC") is imposed on any Class B Shares redeemed within six years of purchase, declining from a rate of 5% in the first year to 1% in the sixth year, and eliminated thereafter. A CDSC of 1% is imposed on Class C Shares redeemed within 12 months of purchase.February 28, 20141.16Loss of money is a risk of investing in the Fund.An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any government agency.The bar chart and table below provide an indication of the risks of investing in the Fund by showing: (a) changes in the performance of the Fund&#8217;s Class A Shares from year to year; and (b) how the average annual total returns of the Fund&#8217;s Class A, Class B, Class C, Institutional, Class IR and Class R Shares compare to those of a broad-based securities market index.The Fund&#8217;s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.www.goldmansachsfunds.com/performanceThe bar chart (including &#8220;Best Quarter&#8221; and &#8220;Worst Quarter&#8221; information) does not reflect the sales loads applicable to Class A Shares. If the sales loads were reflected, returns would be less. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown.The after-tax returns are for Class A Shares only. The after-tax returns for Class B, Class C, Institutional and Class IR Shares, and returns for Class R Shares (which are offered exclusively to retirement plans), will vary.After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.0.0550000000.050.01000<div style="display:none">~ http://www.goldmansachsfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedGoldmanSachsStructuredLargeCapValueFund column period compact * ~</div>
<div style="display:none">~ http://www.goldmansachsfunds.com/role/ScheduleAnnualTotalReturnsGoldmanSachsStructuredLargeCapValueFundBarChart column period compact * ~</div>
<div style="display:none">~ http://www.goldmansachsfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedGoldmanSachsStructuredLargeCapValueFund column period compact * ~</div>
0.00850.00850.00850.00850.00850.00850.00250.010.01000.0050.00860.00860.00860.0070.00850.00850000000000000.00860.00860.00860.0070.00850.00850.01960.02710.02710.01550.0170.022<b>Investment Objective </b>-0.0068-0.0067-0.0068-0.0067-0.0067-0.00670.01280.02040.02030.00880.01030.0153673707306901051561069107877742447062414901575137478186011182992281126581789195324822072067787771375137428112992-0.38840.35210.31150.01060.1449<b>Shareholder Fees</b><br/><b>(fees paid directly from your investment)</b><b>Annual Fund Operating Expenses</b><br/><b>(expenses that you pay each year as a percentage of the value of your investment)</b>0.07980.05390.14540.08670.14540.12660.14540.14990.14540.14790.14540.14230.14540.08230.03440.03390.02930.03480.0350.03480.03850.03480.05040.03480.04890.03480.04340.03480.02820.01370.00660.02820.01470.01660.02820.02830.02820.04820.03550.04280.0355<b>TOTAL RETURN CALENDAR YEAR (INSTITUTIONAL)</b>Assuming complete redemption at end of periodAssuming no redemption2007-11-302007-11-302007-06-252007-06-252007-06-252007-06-252007-06-252007-06-25This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.<br/><br/>This Example assumes that you invest $10,000 in Class A, Class B, Class C, Institutional, Class IR and/or Class R Shares of the Fund for the time periods indicated and then redeem all of your Class A, Class B, Class C, Institutional, Class IR and/or Class R Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same (except that the Example incorporates the fee waiver and expense limitation arrangements for only the first year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:<div style="display:none">~ http://www.goldmansachsfunds.com/role/ScheduleShareholderFeesGoldmanSachsStructuredSmallCapGrowthFund column period compact * ~</div>
<div style="display:none">~ http://www.goldmansachsfunds.com/role/ScheduleAnnualFundOperatingExpensesGoldmanSachsStructuredSmallCapGrowthFund column period compact * ~</div>
<div style="display:none">~ http://www.goldmansachsfunds.com/role/ScheduleExpenseExampleTransposedGoldmanSachsStructuredSmallCapGrowthFund column period compact * ~</div>
<div style="display:none">~ http://www.goldmansachsfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedGoldmanSachsStructuredSmallCapGrowthFund column period compact * ~</div>
<div style="display:none">~ http://www.goldmansachsfunds.com/role/ScheduleAnnualTotalReturnsGoldmanSachsStructuredSmallCapGrowthFundBarChart column period compact * ~</div>
<div style="display:none">~ http://www.goldmansachsfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedGoldmanSachsStructuredSmallCapGrowthFund column period compact * ~</div>
Best Quarter2009-06-300.2181Worst Quarter2008-12-31-0.2648<b><a name="toc424484_6"></a>Goldman Sachs Structured Small Cap Value Fund&#8212;Summary </b>The Goldman Sachs Structured Small Cap Value Fund (the &#8220;Fund&#8221;) seeks long-term growth of capital.<b>Fees and Expenses of the Fund </b>0.055000000This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in Goldman Sachs Funds. More information about these and other discounts is available from your financial professional and in &#8220;Shareholder Guide&#8212;Common Questions Applicable to the Purchase of Class A Shares&#8221; beginning on page 78 of this Prospectus and &#8220;Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends&#8221; beginning on page B-107 of the Fund&#8217;s Statement of Additional Information (&#8220;SAI&#8221;).00.050.01000000.050.010000.00420.00420.00420.00260.00410.0040.01250.00650.00650.00650.02010.00650.00650.020.00650.00850.00650.010.0150.00250.010.010000.0050.0030.0030.0030.00150.00650.0030.002900000.00250000000.0025000.0030.0030.0030.00150.00150.0030.00290.0120.01950.01950.0080.0130.00950.0144-0.0025-0.0024-0.0025-0.0025-0.0025-0.0024-0.00250.00950.01710.0170.00550.01050.0070.012<b>Expense Example </b>-0.001864267427356107721228878895882302783874321151123010294206895017641904206122559671546114417043036831191204203684683119111912396258417417358958810301029<b>Principal Risks of the Fund </b>206122550.30020.14310.06590.1303-0.0129-0.376<b>Performance </b>0.20890.12980.04230.138The after-tax returns are for Class A Shares only. The after-tax returns for Class B, Class C, Institutional and Class IR Shares, and returns for Class R Shares (which are offered exclusively to retirement plans), will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.<b>Goldman Sachs Structured Emerging Markets Equity Fund&#8212;Summary </b>0.07550.07310.05220.15960.080.15960.11980.15960.14290.15960.1370.1596<b>Fees and Expenses of the Fund </b>0.01660.01660.01660.00590.01660.0010.01660.05770.05410.0380.180.06030.180.10060.180.12360.180.12170.180.11640.180.05370.04970.04680.0710.05310.0710.05190.0710.06380.0710.05870.02410.0710.02230.01990.03540.02810.03540.02740.03540.03970.03540.03770.03540.03310.03540.06950.05850.05670.08560.05220.06720.02940.04730.05360.0770.0708<b>Shareholder Fees</b><br/><b>(fees paid directly from your investment)</b>0.00530.00530.00530.00540.00530.0360.03310.03150.0331<b>Annual Fund Operating Expenses</b><br/><b>(expenses that you pay each year as a percentage of the value of your investment)</b><b>Portfolio Turnover </b><b>Principal Strategy </b><b>Principal Risks of the Fund </b><b>Performance </b><b>TOTAL RETURN CALENDAR YEAR (INSTITUTIONAL)</b>AVERAGE ANNUAL TOTAL RETURN<br/><b>For the period ended December 31, 2012</b>The Goldman Sachs Structured Emerging Markets Equity Fund (the &#8220;Fund&#8221;) seeks long-term growth of capital.This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in Goldman Sachs Funds. More information about these and other discounts is available from your financial professional and in &#8220;Shareholder Guide&#8212;Common Questions Applicable to the Purchase of Class A Shares&#8221; beginning on page 52 of this Prospectus and &#8220;Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends&#8221; beginning on page B-107 of the Fund&#8217;s Statement of Additional Information (&#8220;SAI&#8221;).This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.<br/><br/>The Example assumes that you invest $10,000 in Class A, Class C, Institutional and/or Class IR Shares of the Fund for the time periods indicated and then redeem all of your Class A, Class C, Institutional and/or Class IR Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same (except that the Example incorporates the expense limitation arrangement for only the first year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:The Fund pays transactions costs when it buys and sells securities or instruments (i.e., &#8220;turns over&#8221; its portfolio). A high rate of portfolio turnover may result in increased transaction costs, including brokerage commissions, which must be borne by the Fund and its shareholders, and is also likely to result in higher short-term capital gains for taxable shareholders. These costs are not reflected in annual fund operating expenses or in the expense example above, but are reflected in the Fund&#8217;s performance. The Fund&#8217;s portfolio turnover rate for the fiscal year ended October 31, 2012 was 180% of the average value of its portfolio.0.14090.15960.13490.15960.00450.0166-0.00040.01660.06550.00180.0149-0.0030.0149-0.0091-0.0299-0.0106-0.007-0.00662007-06-252007-06-252007-06-252007-06-252007-06-252007-06-252007-06-252007-06-252007-06-252007-06-252007-11-302007-11-302007-11-302007-11-301991-05-241996-05-011997-08-151995-06-151996-06-072007-11-302007-11-301991-05-241996-05-011997-08-151995-06-151996-06-072007-11-302007-11-301991-05-241991-05-24<b>Annual Fund Operating Expenses</b><br/><b>(expenses that you pay each year as a percentage of the value of your investment)</b><b>Shareholder Fees</b><br/><b>(fees paid directly from your investment)</b>You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in Goldman Sachs Funds. More information about these and other discounts is available from your financial professional and in &#8220;Shareholder Guide&#8212;Common Questions Applicable to the Purchase of Class A Shares&#8221; beginning on page 78 of this Prospectus and &#8220;Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends&#8221; beginning on page B-107 of the Fund&#8217;s Statement of Additional Information (&#8220;SAI&#8221;).50000This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.<br/><br/>This Example assumes that you invest $10,000 in Class A, Class B, Class C, Institutional, Class IR and/or Class R Shares of the Fund for the time periods indicated and then redeem all of your Class A, Class B, Class C, Institutional, Class IR and/or Class R Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same (except that the Example incorporates the fee waiver and expense limitation arrangements for only the first year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:Assuming complete redemption at end of periodAssuming no redemption0.85The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at time of purchase) ("Net Assets") in a broadly diversified portfolio of equity investments in small-cap U.S. issuers, including foreign issuers that are traded in the United States. For the purposes of this restriction, "small-cap U.S. issuers" have public stock market capitalizations of companies constituting the Russell 2000&#174; Index, which as of February 1, 2013 was between $30 million and $5.4 billion. However, the Fund may invest in securities outside the Russell 2000&#174; capitalization range.<br/><br/> The Fund uses a "structured" quantitative style of management, in combination with a qualitative overlay, that emphasizes fundamentally-based stock selection, careful portfolio construction and efficient implementation. The Fund's investments are selected using fundamental research and a variety of quantitative techniques based on certain investment themes, including, among others, Valuation, Quality, and Momentum. The Valuation theme attempts to capture potential mispricings of securities, typically by comparing a measure of the company's intrinsic value to its market value. The Quality theme assesses both firm and management quality. The Momentum theme seeks to predict drifts in stock prices caused by delayed investor reaction to company-specific information and information about related companies. The Investment Adviser may, in its discretion, make changes to its quantitative techniques, or use other quantitative techniques that are based on the Investment Adviser's proprietary research.<br/><br/> The Fund maintains risk, style, and capitalization characteristics similar to the Russell 2000&#174; Value Index, which is designed to represent an investable universe of small-cap companies with above average price to book ratios and earnings growth expectations. The Fund seeks to maximize expected return while maintaining these and other characteristics similar to the benchmark. <br/><br/>The Fund may also invest in fixed income securities that are considered to be cash equivalents.Loss of money is a risk of investing in the Fund. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any government agency. The Fund should not be relied upon as a complete investment program. There can be no assurance that the Fund will achieve its investment objective. Investment in the Fund involves substantial risks which prospective investors should consider carefully before investing. <br/><br/><b>Investment Style Risk.</b> Different investment styles (e.g., "growth", "value" or "quantitative") tend to shift in and out of favor depending upon market and economic conditions and investor sentiment. The Fund may outperform or underperform other funds that invest in similar asset classes but employ different investment styles.<br/><br/> <b>Management Risk.</b> The risk that a strategy used by the Investment Adviser may fail to produce the intended results. The Investment Adviser attempts to execute a complex strategy for the Fund using proprietary quantitative models. Investments selected using these models may perform differently than expected as a result of the factors used in the models, the weight placed on each factor, changes from the factors' historical trends, and technical issues in the construction and implementation of the models (including, for example, data problems and/or software issues). There is no guarantee that the Investment Adviser's use of these quantitative models will result in effective investment decisions for the Fund. Additionally, commonality of holdings across quantitative money managers may amplify losses. <br/><br/><b>Market Risk.</b> The value of the instruments in which the Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets.<br/><br/> <b>Mid-Cap and Small-Cap Risk.</b> Investments in mid-capitalization and small-capitalization companies involve greater risks than those associated with larger, more established companies. These securities may be subject to more abrupt or erratic price movements and may lack sufficient market liquidity, and these issuers often face greater business risks. <br/><br/><b>Portfolio Turnover Rate Risk.</b> A high rate of portfolio turnover (100% or more) involves correspondingly greater expenses which must be borne by the Fund and its shareholders, and is also likely to result in short-term capital gains taxable to shareholders. <br/><br/><b>Stock Risk.</b> Stock prices have historically risen and fallen in periodic cycles. U.S. and foreign stock markets have experienced periods of substantial price volatility in the past and may do so again in the future.Loss of money is a risk of investing in the Fund.An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any government agency.The bar chart and table below provide an indication of the risks of investing in the Fund by showing: (a) changes in the performance of the Fund&#8217;s Class A Shares from year to year; and (b) how the average annual total returns of the Fund&#8217;s Class A, Class B, Class C, Institutional, Class IR and Class R Shares compare to those of a broad-based securities market index. The Fund&#8217;s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available at no cost at www.goldmansachsfunds.com/performance or by calling the appropriate phone number on the back cover of this Prospectus.<br/><br/>The bar chart (including &#8220;Best Quarter&#8221; and &#8220;Worst Quarter&#8221; information) does not reflect the sales loads applicable to Class A Shares. If the sales loads were reflected, returns would be less. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown.The bar chart and table below provide an indication of the risks of investing in the Fund by showing: (a) changes in the performance of the Fund&#8217;s Class A Shares from year to year; and (b) how the average annual total returns of the Fund&#8217;s Class A, Class B, Class C, Institutional, Class IR and Class R Shares compare to those of a broad-based securities market index.The Fund&#8217;s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.www.goldmansachsfunds.com/performanceThe bar chart (including &#8220;Best Quarter&#8221; and &#8220;Worst Quarter&#8221; information) does not reflect the sales loads applicable to Class A Shares. If the sales loads were reflected, returns would be less. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown.<b>TOTAL RETURN CALENDAR YEAR (CLASS A)</b>Best Quarter<br/> Q3 &#8216;09&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;+24.33%<br/><br/> Worst Quarter<br/> Q4 &#8216;08&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8211;23.95%AVERAGE ANNUAL TOTAL RETURN<br/><b>For the period ended December 31, 2012</b>The after-tax returns are for Class A Shares only.After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.A contingent deferred sales charge (&#8220;CDSC&#8221;) is imposed on any Class B Shares redeemed within six years of purchase, declining from a rate of 5% in the first year to 1% in the sixth year, and eliminated thereafter. A CDSC of 1% is imposed on Class C Shares redeemed within 12 months of purchase.The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at the time of purchase) ("Net Assets") in a diversified portfolio of equity investments in emerging country issuers. Currently, emerging countries include, among others, Central and South American, African, Asian and Eastern European countries. Under normal circumstances, the Fund will not invest more than 35% of its Net Assets in securities of issuers in any one emerging country.<br/><br/> The portfolio management team uses two distinct strategies&#151;a bottom-up stock selection strategy and a top-down country/currency selection strategy&#151;to manage the Fund.<br/><br/> The Fund uses a "structured" quantitative style of management, in combination with a qualitative overlay, that emphasizes fundamentally-based stock and country/currency selection, careful portfolio construction and efficient implementation. The Fund's investments are selected using fundamental research and a variety of quantitative techniques based on certain investment themes, including, among others, Valuation, Quality and Momentum. The Valuation theme attempts to capture potential mispricings of securities, typically by comparing a measure of the company's intrinsic value to its market value. The Quality theme assesses both firm and management quality. The Momentum theme seeks to predict drifts in stock prices caused by delayed investor reaction to company-specific information and information about related companies. The Investment Adviser may, in its discretion, make changes to its quantitative techniques, or use other quantitative techniques that are based on the Investment Adviser's proprietary research.<br/><br/> The Fund seeks to maximize its expected return, while maintaining risk, style and capitalization characteristics similar to the MSCI<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup> Emerging Markets Standard Index (unhedged, with dividends reinvested, net of dividend withholding taxes) ("MSCI<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup> Emerging Markets (net) Index"), adjusted for the Investment Adviser's country views. Additionally, the portfolio management team's views of the relative attractiveness of emerging countries and currencies are considered in allocating the Fund's assets among emerging countries. The MSCI<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup> Emerging Markets (net) Index is designed to measure equity market performance of the large and mid market capitalization segments of emerging markets.<br/><br/> The Fund may also invest in fixed income securities that are considered to be cash equivalents.-0.3120.22060.2963-0.02110.1191Best Quarter2009-09-300.2433Worst Quarter2008-12-31-0.23952007-06-25Loss of money is a risk of investing in the Fund. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any government agency. The Fund should not be relied upon as a complete investment program. There can be no assurance that the Fund will achieve its investment objective. Investment in the Fund involves substantial risks which prospective investors should consider carefully before investing.<br/><br/><b>Emerging Countries Risk.</b> The securities markets of most emerging countries are less liquid, are especially subject to greater price volatility, have smaller market capitalizations, have less government regulation and are not subject to as extensive and frequent accounting, financial and other reporting requirements as the securities markets of more developed countries.<br/><br/><b>Foreign Risk.</b> Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information and less economic, political and social stability in these countries. Loss may also result from the imposition of exchange controls, confiscations and other government restrictions, or from problems in share registration, settlement or custody. Foreign risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time.<br/><br/><b>Investment Style Risk.</b> Different investment styles (e.g., "growth," "value" or "quantitative") tend to shift in and out of favor depending upon market and economic conditions and investor sentiment. The Fund may outperform or underperform other funds that invest in similar asset classes but employ different investment styles. <br/><br/><b>Liquidity Risk.</b> The risk that the Fund may make investments that may be illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that the Fund will not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, the Fund may be forced to sell securities at an unfavorable time and/or under unfavorable conditions.<br/><br/><b>Management Risk.</b> The risk that a strategy used by the Investment Adviser may fail to produce the intended results. The Investment Adviser attempts to execute a complex strategy for the Fund using proprietary quantitative models. Investments selected using these models may perform differently than expected as a result of the factors used in the models, the weight placed on each factor, changes from the factors' historical trends, and technical issues in the construction and implementation of the models (including, for example, data problems and/or software issues). There is no guarantee that the Investment Adviser's use of these quantitative models will result in effective investment decisions for the Fund. Additionally, commonality of holdings across quantitative money managers may amplify losses.<br/><br/><b>Market Risk.</b> The value of the instruments in which the Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets.<br/><br/><b>Portfolio Turnover Rate Risk.</b> A high rate of portfolio turnover (100% or more) involves correspondingly greater expenses which must be borne by the Fund and its shareholders, and is also likely to result in short-term capital gains taxable to shareholders.<br/><br/><b>Stock Risk.</b> Stock prices have historically risen and fallen in periodic cycles. U.S. and foreign stock markets have experienced periods of substantial price volatility in the past and may do so again in the future.2007-06-252007-06-25The bar chart and table below provide an indication of the risks of investing in the Fund by showing: (a) changes in the performance of the Fund&#8217;s Institutional Shares from year to year; and (b) how the average annual total returns of the Fund&#8217;s Class A, Class C, Institutional and Class IR Shares compare to those of a broad-based securities market index. The Fund&#8217;s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available at no cost at www.goldmansachsfunds.com/performance or by calling the appropriate number on the back cover of this Prospectus.<br/><br/>Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown.2007-06-252007-11-302007-11-30The after-tax returns are for Class A Shares only. The after-tax returns for Class C, Institutional and Class IR Shares will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.00.0100Assuming complete redemption at end of periodAssuming no redemptionAssuming complete redemption at end of periodAssuming no redemption00000000<b><a name="toc424542_3"></a>Goldman Sachs Structured International Small Cap Fund&#8212;Summary </b>The Goldman Sachs Structured International Small Cap Fund (the &#8220;Fund&#8221;) seeks long-term growth of capital.<b>Fees and Expenses of the Fund </b>This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in Goldman Sachs Funds. More information about these and other discounts is available from your financial professional and in &#8220;Shareholder Guide&#8212;Common Questions Applicable to the Purchase of Class A Shares&#8221; beginning on page 52 of this Prospectus and &#8220;Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends&#8221; beginning on page B-107 of the Fund&#8217;s Statement of Additional Information (&#8220;SAI&#8221;).00.01000.055000-0.0011-0.0013-0.0012-0.00080.00410.00410.00260.00410.01580.02330.01180.0133000000000.00410.00410.00260.0041-0.0021-0.0021-0.0021-0.00210.02050.0130.0090.010500.050.0100000.00280.00280.00280.00130.00630.00270.002800000.00250000000.0025000.01280.02040.02040.00880.01380.01040.0153-0.0009-0.0008-0.0008-0.0009-0.0009-0.0007-0.0009This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. <br /><br />The Example assumes that you invest $10,000 in Class A, Class C, Institutional and/or Class IR Shares of the Fund for the time periods indicated and then redeem all of your Class A, Class C, Institutional and/or Class IR Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same (except that the Example incorporates the expense limitation arrangement for only the first year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:<br /><br />The Goldman Sachs Structured International Equity Fund (the &#8220;Fund&#8221;) seeks long-term growth of capital.<b>Fees and Expenses of the Fund </b>This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in Goldman Sachs Funds. More information about these and other discounts is available from your financial professional and in &#8220;Shareholder Guide&#8212;Common Questions Applicable to the Purchase of Class A Shares&#8221; beginning on page 52 of this Prospectus and &#8220;Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends&#8221; beginning on page B-107 of the Fund&#8217;s Statement of Additional Information (&#8220;SAI&#8221;).<b><a name="toc424542_2"></a>Goldman Sachs Structured International Equity Fund&#8212;Summary </b>20868611912579702336120135104375440043814081299701775308242927861557168425792367541299The Fund pays transactions costs when it buys and sells securities or instruments (i.e., &#8220;turns over&#8221; its portfolio). A high rate of portfolio turnover may result in increased transaction costs, including brokerage commissions, which must be borne by the Fund and its shareholders, and is also likely to result in higher short-term capital gains for taxable shareholders. These costs are not reflected in annual fund operating expenses or in the expense example above, but are reflected in the Fund&#8217;s performance. The Fund&#8217;s portfolio turnover rate for the fiscal year ended October 31, 2012 was 150% of the average value of its portfolio.2786207The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at the time of purchase) ("Net Assets") in a broadly diversified portfolio of equity investments in small-cap non-U.S. issuers.<br/><br/> The Fund uses a "structured" quantitative style of management, in combination with a qualitative overlay, that emphasizes fundamentally-based stock selection, careful portfolio construction and efficient implementation. The Fund's investments are selected using fundamental research and a variety of quantitative techniques based on certain investment themes, including, among others, Valuation, Quality, and Momentum. The Valuation theme attempts to capture potential mispricings of securities, typically by comparing a measure of the company's intrinsic value to its market value. The Quality theme assesses both firm and management quality. The Momentum theme seeks to predict drifts in stock prices caused by delayed investor reaction to company-specific information and information about related companies. The Investment Adviser may, in its discretion, make changes to its quantitative techniques, or use other quantitative techniques that are based on the Investment Adviser's proprietary research.<br/><br/> The Fund seeks to maximize its expected return, while maintaining risk, style, and capitalization characteristics similar to the MSCI<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup> Europe, Australasia, Far East ("EAFE<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup>") Small Cap Index (unhedged, with dividends reinvested, net of dividend withholding taxes) ("MSCI<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup> EAFE<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup> Small Cap (net) Index"). The MSCI<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup> EAFE<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup> Small Cap (net) Index is designed to measure equity market performance of the small capitalization segments of developed markets, excluding the United States and Canada. The Fund seeks to maximize its expected return while maintaining these and other characteristics similar to the benchmark.<br/><br/> The Fund may also invest in the securities of issuers in emerging countries, and fixed income securities that are considered to be cash equivalents.6561132<b>Principal Risks of the Fund </b>2254207656113224450.17690.17530.11880.18170.22610.18170.2510.18170.24770.1817Loss of money is a risk of investing in the Fund. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any government agency. The Fund should not be relied upon as a complete investment program. There can be no assurance that the Fund will achieve its investment objective. Investment in the Fund involves substantial risks which prospective investors should consider carefully before investing.<br/><br/> <b>Emerging Countries Risk.</b> The securities markets of most emerging countries are less liquid, are especially subject to greater price volatility, have smaller market capitalizations, have less government regulation and are not subject to as extensive and frequent accounting, financial and other reporting requirements as the securities markets of more developed countries.<br/><br/> <b>Foreign Risk.</b> Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information and less economic, political and social stability in these countries. Loss may also result from the imposition of exchange controls, confiscations and other government restrictions, or from problems in share registration, settlement or custody. Foreign risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time.<br/><br/> <b>Investment Style Risk.</b> Different investment styles (e.g., "growth", "value" or "quantitative") tend to shift in and out of favor depending upon market and economic conditions and investor sentiment. The Fund may outperform or underperform other funds that invest in similar asset classes but employ different investment styles.<br/><br/> <b>Management Risk.</b> The risk that a strategy used by the Investment Adviser may fail to produce the intended results. The Investment Adviser attempts to execute a complex strategy for the Fund using proprietary quantitative models. Investments selected using these models may perform differently than expected as a result of the factors used in the models, the weight placed on each factor, changes from the factors' historical trends, and technical issues in the construction and implementation of the models (including, for example, data problems and/or software issues). There is no guarantee that the Investment Adviser's use of these quantitative models will result in effective investment decisions for the Fund. Additionally, commonality of holdings across quantitative money managers may amplify losses.<br/><br/> <b>Market Risk.</b> The value of the instruments in which the Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets.<br/><br/> <b>Mid-Cap and Small-Cap Risk.</b> Investments in mid-capitalization and small-capitalization companies involve greater risks than those associated with larger, more established companies. These securities may be subject to more abrupt or erratic price movements and may lack sufficient market liquidity, and these issuers often face greater business risks.<br/><br/> <b>Portfolio Turnover Rate Risk.</b> A high rate of portfolio turnover (100% or more) involves correspondingly greater expenses which must be borne by the Fund and its shareholders, and is also likely to result in short-term capital gains taxable to shareholders.<br/><br/> <b>Stock Risk.</b> Stock prices have historically risen and fallen in periodic cycles. U.S. and foreign stock markets have experienced periods of substantial price volatility in the past and may do so again in the future.0.10360.09710.07340.17270.1070.17270.1490.17270.17190.17270.17270.17030.17270.16590.17270.1648<b>Performance </b>The bar chart and table below provide an indication of the risks of investing in the Fund by showing: (a) changes in the performance of the Fund&#8217;s Institutional Shares from year to year; and (b) how the average annual total returns of the Fund&#8217;s Class A, Class C, Institutional and Class IR Shares compare to those of a broad-based securities market index. The Fund&#8217;s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available at no cost at www.goldmansachsfunds.com/performance or by calling the appropriate number on the back cover of this Prospectus. <br /><br />Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown.<br /><br />0.06720.06020.05860.08210.0670.08210.06570.08210.07790.08210.07260.08210.02320.01750.01910.04090.02420.04090.02070.04090.03230.04090.02720.0409<b>TOTAL RETURN CALENDAR YEAR (INSTITUTIONAL)</b>-0.43680.44570.283-0.14140.21090.09460.0616AVERAGE ANNUAL TOTAL RETURN<br/><b>For the period ended December 31, 2012</b>Assuming complete redemption at end of periodAssuming no redemption<b>Shareholder Fees</b><br/><b>(fees paid directly from your investment)</b><b>Annual Fund Operating Expenses</b><br/><b>(expenses that you pay each year as a percentage of the value of your investment)</b>The after-tax returns are for Class A Shares only. The after-tax returns for Class C, Institutional and Class IR Shares will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.0.13940.12720.09650.19940.18710.19940.21090.19940.20990.19940.01640.00090.00050.12660.1024The after-tax returns are for Class A Shares only. The after-tax returns for Class B, Class C, Institutional, Service and Class IR Shares, and returns for Class R Shares (which are offered exclusively to retirement plans), will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.<b>Expense Example </b>The Fund pays transactions costs when it buys and sells securities or instruments (i.e., &#8220;turns over&#8221; its portfolio). A high rate of portfolio turnover may result in increased transaction costs, including brokerage commissions, which must be borne by the Fund and its shareholders, and is also likely to result in higher short-term capital gains for taxable shareholders. These costs are not reflected in annual fund operating expenses or in the expense example above, but are reflected in the Fund&#8217;s performance. The Fund&#8217;s portfolio turnover rate for the fiscal year ended October 31, 2012 was 203% of the average value of its portfolio.<b>Principal Risks of the Fund </b>2007-09-282007-09-282007-09-282007-09-282007-09-282007-09-282010-08-312007-09-282007-09-282010-08-31This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. <br/><br/>The Example assumes that you invest $10,000 in Class A, Class B, Class C, Institutional, Service, Class IR and/or Class R Shares of the Fund for the time periods indicated and then redeem all of your Class A, Class B, Class C, Institutional, Service, Class IR and/or Class R Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same (except that the Example incorporates the expense limitation arrangement for only the first year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:<b>Shareholder Fees</b><br/><b>(fees paid directly from your investment)</b>Assuming complete redemption at end of period: Assuming no redemption<b>TOTAL RETURN CALENDAR YEAR (INSTITUTIONAL)</b>AVERAGE ANNUAL TOTAL RETURN<br/><b>For the period ended December 31, 2012</b><b>Annual Fund Operating Expenses</b><br/><b>(expenses that you pay each year as a percentage of the value of your investment)</b><div style="display:none">~ http://www.goldmansachsfunds.com/role/ScheduleShareholderFeesGoldmanSachsStructuredInternationalEquityFund column period compact * ~</div>
<div style="display:none">~ http://www.goldmansachsfunds.com/role/ScheduleAnnualFundOperatingExpensesGoldmanSachsStructuredInternationalEquityFund column period compact * ~</div>
<div style="display:none">~ http://www.goldmansachsfunds.com/role/ScheduleExpenseExampleTransposedGoldmanSachsStructuredInternationalEquityFund column period compact * ~</div>
-0.0178-0.0169-0.0129-0.0086-0.0128-0.0086-0.0026-0.0086<div style="display:none">~ http://www.goldmansachsfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedGoldmanSachsStructuredInternationalEquityFund column period compact * ~</div>
-0.0178-0.0174-0.0132-0.0072-0.0135-0.0072-0.0031-0.0072<div style="display:none">~ http://www.goldmansachsfunds.com/role/ScheduleAnnualTotalReturnsGoldmanSachsStructuredInternationalEquityFundBarChart column period compact * ~</div>
<div style="display:none">~ http://www.goldmansachsfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedGoldmanSachsStructuredInternationalEquityFund column period compact * ~</div>
2007-10-052007-10-052007-10-052007-10-052007-10-052007-10-052007-10-052010-08-312010-08-312007-10-050.251-0.18490.18430.8032-0.546Best Quarter<br/> Q2 &#8216;09&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#43;36.79%<br/><br/> Worst Quarter<br/> Q4 &#8216;08&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8211;28.58%You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in Goldman Sachs Funds. More information about these and other discounts is available from your financial professional and in &#8220;Shareholder Guide&#8212;Common Questions Applicable to the Purchase of Class A Shares&#8221; beginning on page 52 of this Prospectus and &#8220;Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends&#8221; beginning on page B-107 of the Fund&#8217;s Statement of Additional Information (&#8220;SAI&#8221;).50000You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in Goldman Sachs Funds. More information about these and other discounts is available from your financial professional and in &#8220;Shareholder Guide&#8212;Common Questions Applicable to the Purchase of Class A Shares&#8221; beginning on page 52 of this Prospectus and &#8220;Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends&#8221; beginning on page B-107 of the Fund&#8217;s Statement of Additional Information (&#8220;SAI&#8221;).50000A contingent deferred sales charge (&#8220;CDSC&#8221;) is imposed on Class B Shares redeemed within six years of purchase, declining from a rate of 5% in the first year to 1% in the sixth year, and eliminated thereafter. A CDSC of 1% is imposed on Class C Shares redeemed within 12 months of purchase.February 28, 20142.03Loss of money is a risk of investing in the Fund.An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any government agency.The bar chart and table below provide an indication of the risks of investing in the Fund by showing: (a) changes in the performance of the Fund&#8217;s Institutional Shares from year to year; and (b) how the average annual total returns of the Fund&#8217;s Class A, Class B, Class C, Institutional, Service, Class IR and Class R Shares compare to those of a broad-based securities market index.The Fund&#8217;s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.0.0053www.goldmansachsfunds.com/performanceThe after-tax returns are for Class A Shares only. The after-tax returns for Class B, Class C, Institutional, Service and Class IR Shares, and returns for Class R Shares (which are offered exclusively to retirement plans), will vary.After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.The bar chart and table below provide an indication of the risks of investing in the Fund by showing: (a) changes in the performance of the Fund&#8217;s Institutional Shares from year to year; and (b) how the average annual total returns of the Fund&#8217;s Class A, Class B, Class C, Institutional, Service, Class IR and Class R Shares compare to those of a broad-based securities market index. The Fund&#8217;s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available at no cost at www.goldmansachsfunds.com/performance or by calling the appropriate number on the back cover of this Prospectus. <br/><br/>Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown.February 28, 20141.8Loss of money is a risk of investing in the Fund.An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any government agency.The bar chart and table below provide an indication of the risks of investing in the Fund by showing: (a) changes in the performance of the Fund&#8217;s Institutional Shares from year to year; and (b) how the average annual total returns of the Fund&#8217;s Class A, Class C, Institutional and Class IR Shares compare to those of a broad-based securities market index.The Fund&#8217;s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at the time of purchase) ("Net Assets") in a broadly diversified portfolio of equity investments in companies that are organized outside the United States or whose securities are principally traded outside the United States.<br/><br/> The portfolio management team uses two distinct strategies&#8212;a bottom-up stock selection strategy and a top-down country/currency selection strategy&#8212;to manage the Fund.<br/><br/> The Fund invests in at least three foreign countries and may invest in the securities of issuers in emerging countries.<br/><br/> The Fund seeks broad representation of large-cap and mid-cap issuers across major countries and sectors of the international economy, with some exposure to small-cap issuers.<br/><br/> The Fund uses a "structured" quantitative style of management, in combination with a qualitative overlay, that emphasizes fundamentally-based stock and country/currency selection, careful portfolio construction and efficient implementation. The Fund's investments are selected using fundamental research and a variety of quantitative techniques based on certain investment themes, including, among others, Valuation, Quality, and Momentum. The Valuation theme attempts to capture potential mispricings of securities, typically by comparing a measure of the company's intrinsic value to its market value. The Quality theme assesses both firm and management quality. The Momentum theme seeks to predict drifts in stock prices caused by delayed investor reaction to company-specific information and information about related companies. The Investment Adviser may, in its discretion, make changes to its quantitative techniques, or use other quantitative techniques that are based on the Investment Adviser's proprietary research.<br/><br/> The Fund seeks to maximize its expected return, while maintaining risk, style and capitalization characteristics similar to the MSCI<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup> Europe, Australasia, Far East ("EAFE<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup>") Standard Index (unhedged, with dividends reinvested, net of dividend withholding taxes) ("MSCI<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup> EAFE<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup> (net) Index"), adjusted for the Investment Adviser's country views. Additionally, the portfolio management team's views of the relative attractiveness of countries and currencies are considered in allocating the Fund's assets among countries. The MSCI<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup> EAFE (net) Index is designed to measure equity market performance of the large and mid capitalization segments of developed markets, excluding the U.S. and Canada.<br/><br/> The Fund may also invest in fixed income securities that are considered to be cash equivalents.www.goldmansachsfunds.com/performanceLoss of money is a risk of investing in the Fund. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any government agency. The Fund should not be relied upon as a complete investment program. There can be no assurance that the Fund will achieve its investment objective. Investment in the Fund involves substantial risks which prospective investors should consider carefully before investing.<br/><br/> <b>Emerging Countries Risk.</b> The securities markets of most emerging countries are less liquid, are especially subject to greater price volatility, have smaller market capitalizations, have less government regulation and are not subject to as extensive and frequent accounting, financial and other reporting requirements as the securities markets of more developed countries.<br/><br/> <b>Foreign Risk.</b> Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information and less economic, political and social stability in these countries. Loss may also result from the imposition of exchange controls, confiscations and other government restrictions, or from problems in share registration, settlement or custody. Foreign risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time.<br/><br/> <b>Investment Style Risk.</b> Different investment styles (e.g., "growth", "value" or "quantitative") tend to shift in and out of favor depending upon market and economic conditions and investor sentiment. The Fund may outperform or underperform other funds that invest in similar asset classes but employ different investment styles. <br/><br/><b>Management Risk.</b> The risk that a strategy used by the Investment Adviser may fail to produce the intended results. The Investment Adviser attempts to execute a complex strategy for the Fund using proprietary quantitative models. Investments selected using these models may perform differently than expected as a result of the factors used in the models, the weight placed on each factor, changes from the factors' historical trends, and technical issues in the construction and implementation of the models (including, for example, data problems and/or software issues). There is no guarantee that the Investment Adviser's use of these quantitative models will result in effective investment decisions for the Fund. Additionally, commonality of holdings across quantitative money managers may amplify losses. <br/><br/><b>Market Risk.</b> The value of the instruments in which the Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets.<br/><br/> <b>Mid-Cap and Small-Cap Risk.</b> Investments in mid-capitalization and small-capitalization companies involve greater risks than those associated with larger, more established companies. These securities may be subject to more abrupt or erratic price movements and may lack sufficient market liquidity, and these issuers often face greater business risks.<br/><br/> <b>Portfolio Turnover Rate Risk.</b> A high rate of portfolio turnover (100% or more) involves correspondingly greater expenses which must be borne by the Fund and its shareholders, and is also likely to result in short-term capital gains taxable to shareholders.<br/><br/> <b>Stock Risk.</b> Stock prices have historically risen and fallen in periodic cycles. U.S. and foreign stock markets have experienced periods of substantial price volatility in the past and may do so again in the future.0.37970.2089The after-tax returns are for Class A Shares only.0.15130.27760.1048After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.-0.4280.291Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.0.073-0.15770.1719Best Quarter2009-06-300.3679Worst Quarter2008-12-31-0.2858Best Quarter<br/> Q2 &#8216;09&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#43;34.33%<br/><br/> Worst Quarter<br/> Q3 &#8216;08&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8211;24.08%1997-08-151997-08-151997-08-151997-08-151997-08-151997-08-151997-08-151997-08-151997-08-151997-08-151997-08-152007-11-302007-11-302007-11-302007-11-30You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in Goldman Sachs Funds. More information about these and other discounts is available from your financial professional and in &#8220;Shareholder Guide&#8212;Common Questions Applicable to the Purchase of Class A Shares&#8221; beginning on page 52 of this Prospectus and &#8220;Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends&#8221; beginning on page B-107 of the Fund&#8217;s Statement of Additional Information (&#8220;SAI&#8221;).50000A contingent deferred sales charge (&#8220;CDSC&#8221;) of 1% is imposed on Class C Shares redeemed within 12 months of purchase.The Goldman Sachs Structured U.S. Equity Fund (the &#8220;Fund&#8221;) seeks long-term growth of capital and dividend income.February 28, 2014<b>Fees and Expenses of the Fund </b>1.5This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in Goldman Sachs Funds. More information about these and other discounts is available from your financial professional and in &#8220;Shareholder Guide&#8212;Common Questions Applicable to the Purchase of Class A Shares&#8221; beginning on page 78 of this Prospectus and &#8220;Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends&#8221; beginning on page B-107 of the Fund&#8217;s Statement of Additional Information (&#8220;SAI&#8221;).Loss of money is a risk of investing in the Fund.An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any government agency.The bar chart and table below provide an indication of the risks of investing in the Fund by showing: (a) changes in the performance of the Fund&#8217;s Institutional Shares from year to year; and (b) how the average annual total returns of the Fund&#8217;s Class A, Class C, Institutional and Class IR Shares compare to those of a broad-based securities market index.The Fund&#8217;s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.www.goldmansachsfunds.com/performanceThe after-tax returns are for Class A Shares only. The after-tax returns for Class C, Institutional and Class IR Shares will vary.After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.Best Quarter2009-06-300.3433Worst Quarter2008-09-30-0.2408Best Quarter2003-06-30Worst Quarter2008-12-310.00440.00460.0030.00410.0044<b>Expense Example </b>0.00460.0030.0041<b>Portfolio Turnover </b>The Fund pays transaction costs when it buys and sells securities or instruments (i.e., &#8220;turns over&#8221; its portfolio). A high rate of portfolio turnover may result in increased transaction costs, including brokerage commissions, which must be borne by the Fund and its shareholders, and is also likely to result in higher short-term capital gains for taxable shareholders. These costs are not reflected in the annual fund operating expenses or in the expense example above, but are reflected in the Fund&#8217;s performance. The Fund&#8217;s portfolio turnover rate for the fiscal year ended October 31, 2012 was 121% of the average value of its portfolio.<b>Principal Strategy </b>Best Quarter<br/> Q2 &#8216;03&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#43;17.83%<br/><br/> Worst Quarter<br/>Q4 &#8216;08&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8211;20.03%<b>Principal Risks of the Fund </b><div style="display:none">~ http://www.goldmansachsfunds.com/role/ScheduleShareholderFeesGoldmanSachsStructuredInternationalSmallCapFund column period compact * ~</div>
<div style="display:none">~ http://www.goldmansachsfunds.com/role/ScheduleAnnualFundOperatingExpensesGoldmanSachsStructuredInternationalSmallCapFund column period compact * ~</div>
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The after-tax returns are for Class A Shares only. The after-tax returns for Class B, Class C, Institutional, Service and Class IR Shares, and returns for Class R Shares (which are offered exclusively to retirement plans), will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.<b><a name="toc424484_7"></a>Goldman Sachs Structured U.S. Equity Fund&#8212;Summary </b><b>Shareholder Fees</b><br/><b>(fees paid directly from your investment)</b><b>Annual Fund Operating Expenses</b><br/><b>(expenses that you pay each year as a percentage of the value of your investment)</b>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.<br/><br/>This Example assumes that you invest $10,000 in Class A, Class B, Class C, Institutional, Service, Class IR and/or Class R Shares of the Fund for the time periods indicated and then redeem all of your Class A, Class B, Class C, Institutional, Service, Class IR and/or Class R Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same (except that the Example incorporates the fee waiver and expense limitation arrangements for only the first year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:Assuming complete redemption at end of periodAssuming no redemptionThe Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at time of purchase) ("Net Assets") in a diversified portfolio of equity investments in U.S. issuers, including foreign companies that are traded in the United States.<br/><br/>The Fund uses a "structured" quantitative style of management, in combination with a qualitative overlay, that emphasizes fundamentally-based stock selection, careful portfolio construction and efficient implementation. The Fund's investments are selected using fundamental research and a variety of quantitative techniques based on certain investment themes, including, among others, Valuation, Quality, and Momentum. The Valuation theme attempts to capture potential mispricings of securities, typically by comparing a measure of the company's intrinsic value to its market value. The Quality theme assesses both firm and management quality. The Momentum theme seeks to predict drifts in stock prices caused by delayed investor reaction to company-specific information and information about related companies. The Investment Adviser may, in its discretion, make changes to its quantitative techniques, or use other quantitative techniques that are based on the Investment Adviser's proprietary research.<br/><br/>The Fund maintains risk, style, and capitalization characteristics similar to the S&#38;P 500<sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: top">&#174;</sup> Index, which is an index of large-cap stocks designed to reflect a broad representation of the U.S. economy. As of February 1, 2013, the market capitalization range for the S&#38;P 500<sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: top">&#174;</sup> Index was between $1.9 billion and $426 billion. The Fund seeks to maximize expected return while maintaining these and other characteristics similar to the benchmark. However, the Fund may invest in securities outside the S&#38;P 500 capitalization range.<br/><br/>The Fund may also invest in fixed income securities that are limited to securities that are considered to be cash equivalents.Loss of money is a risk of investing in the Fund. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any government agency. The Fund should not be relied upon as a complete investment program. There can be no assurance that the Fund will achieve its investment objective. Investment in the Fund involves substantial risks which prospective investors should consider carefully before investing.<br/><br/><b>Investment Style Risk.</b> Different investment styles (e.g., "growth", "value" or "quantitative") tend to shift in and out of favor depending upon market and economic conditions and investor sentiment. The Fund may outperform or underperform other funds that invest in similar asset classes but employ different investment styles.<br/><br/><b>Management Risk.</b> The risk that a strategy used by the Investment Adviser may fail to produce the intended results. The Investment Adviser attempts to execute a complex strategy for the Fund using proprietary quantitative models. Investments selected using these models may perform differently than expected as a result of the factors used in the models, the weight placed on each factor, changes from the factors' historical trends, and technical issues in the construction and implementation of the models (including, for example, data problems and/or software issues). There is no guarantee that the Investment Adviser's use of these quantitative models will result in effective investment decisions for the Fund. Additionally, commonality of holdings across quantitative money managers may amplify losses.<br/><br/><b>Market Risk.</b> The value of the instruments in which the Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets.<br/><br/><b>Portfolio Turnover Rate Risk.</b> A high rate of portfolio turnover (100% or more) involves correspondingly greater expenses which must be borne by the Fund and its shareholders, and is also likely to result in short-term capital gains taxable to shareholders.<br/><br/><b>Stock Risk.</b> Stock prices have historically risen and fallen in periodic cycles. U.S. and foreign stock markets have experienced periods of substantial price volatility in the past and may do so again in the future.The bar chart and table below provide an indication of the risks of investing in the Fund by showing: (a) changes in the performance of the Fund&#8217;s Class A Shares from year to year; and (b) how the average annual total returns of the Fund&#8217;s Class A, Class B, Class C, Institutional, Service, Class IR and Class R Shares compare to those of a broad-based securities market index. The Fund&#8217;s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available at no cost at www.goldmansachsfunds.com/performance or by calling the appropriate phone number on the back cover of this Prospectus.<br/><br/>The bar chart (including &#8220;Best Quarter&#8221; and &#8220;Worst Quarter&#8221; information) does not reflect the sales loads applicable to Class A Shares. If the sales loads were reflected, returns would be less. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown.<b>TOTAL RETURN CALENDAR YEAR (CLASS A)</b>Best Quarter<br/> Q3 &#8216;09&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;+14.38%<br/><br/> Worst Quarter<br/> Q4 &#8216;08&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8211;21.18%AVERAGE ANNUAL TOTAL RETURN<br/><b>For the period ended December 31, 2012</b>February 28, 20141.21A contingent deferred sales charge (&#8220;CDSC&#8221;) is imposed on any Class B Shares redeemed within six years of purchase, declining from a rate of 5% in the first year to 1% in the sixth year, and eliminated thereafter. A CDSC of 1% is imposed on Class C Shares redeemed within 12 months of purchase.You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in Goldman Sachs Funds. More information about these and other discounts is available from your financial professional and in &#8220;Shareholder Guide&#8212;Common Questions Applicable to the Purchase of Class A Shares&#8221; beginning on page 78 of this Prospectus and &#8220;Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends&#8221; beginning on page B-107 of the Fund&#8217;s Statement of Additional Information (&#8220;SAI&#8221;).50000Loss of money is a risk of investing in the Fund.An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any government agency.The bar chart and table below provide an indication of the risks of investing in the Fund by showing: (a) changes in the performance of the Fund&#8217;s Class A Shares from year to year; and (b) how the average annual total returns of the Fund&#8217;s Class A, Class B, Class C, Institutional, Service, Class IR and Class R Shares compare to those of a broad-based securities market index.The Fund&#8217;s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.www.goldmansachsfunds.com/performanceThe bar chart (including &#8220;Best Quarter&#8221; and &#8220;Worst Quarter&#8221; information) does not reflect the sales loads applicable to Class A Shares. If the sales loads were reflected, returns would be less. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown.2009-09-300.1438Worst Quarter2008-12-31-0.2118<div style="display:none">~ http://www.goldmansachsfunds.com/role/ScheduleShareholderFeesGoldmanSachsStructuredSmallCapValueFund column period compact * ~</div>
<div style="display:none">~ http://www.goldmansachsfunds.com/role/ScheduleAnnualFundOperatingExpensesGoldmanSachsStructuredSmallCapValueFund column period compact * ~</div>
Best Quarter<div style="display:none">~ http://www.goldmansachsfunds.com/role/ScheduleExpenseExampleTransposedGoldmanSachsStructuredSmallCapValueFund column period compact * ~</div>
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The after-tax returns are for Class A Shares only. The after-tax returns for Class B, Class C, Institutional, Service and Class IR Shares, and returns for Class R Shares (which are offered exclusively to retirement plans), will vary.After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.<div style="display:none">~ http://www.goldmansachsfunds.com/role/ScheduleAnnualTotalReturnsGoldmanSachsStructuredSmallCapValueFundBarChart column period compact * ~</div>
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<div style="display:none">~ http://www.goldmansachsfunds.com/role/ScheduleAnnualFundOperatingExpensesGoldmanSachsStructuredU.S.EquityFund column period compact * ~</div>
February 28, 2014<div style="display:none">~ http://www.goldmansachsfunds.com/role/ScheduleExpenseExampleTransposedGoldmanSachsStructuredU.S.EquityFund column period compact * ~</div>
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-0.0052-0.0013-0.0085-0.0085-0.0085-0.0628-0.0678-0.053-0.0368-0.0368-0.0631-0.0589-0.0481-0.0368-0.0368-0.053-0.0368-0.0497-0.0368-0.0539-0.0368-0.0142-0.02-0.014-0.0179-0.0105-0.0179-0.0179<div style="display:none">~ http://www.goldmansachsfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedGoldmanSachsStructuredU.S.EquityFund column period compact * ~</div>
-0.0405-0.0405<div style="display:none">~ http://www.goldmansachsfunds.com/role/ScheduleShareholderFeesGoldmanSachsStructuredEmergingMarketsEquityFund column period compact * ~</div>
<div style="display:none">~ http://www.goldmansachsfunds.com/role/ScheduleAnnualFundOperatingExpensesGoldmanSachsStructuredEmergingMarketsEquityFund column period compact * ~</div>
<div style="display:none">~ http://www.goldmansachsfunds.com/role/ScheduleShareholderFeesGoldmanSachsStructuredU.S.EquityFund column period compact * ~</div>
<div style="display:none">~ http://www.goldmansachsfunds.com/role/ScheduleAnnualTotalReturnsGoldmanSachsStructuredEmergingMarketsEquityFundBarChart column period compact * ~</div>
<div style="display:none">~ http://www.goldmansachsfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedGoldmanSachsStructuredEmergingMarketsEquityFund column period compact * ~</div>
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<div style="display:none">~ http://www.goldmansachsfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedGoldmanSachsStructuredEmergingMarketsEquityFund column period compact * ~</div>
-0.0093-0.0118-0.0083-0.0094-0.0053-0.0529-0.05711997-08-15A contingent deferred sales charge (&#8220;CDSC&#8221;) of 1% is imposed on Class C Shares redeemed within 12 months of purchaseAssuming complete redemption at end of periodAssuming no redemptionThe Fund pays transaction costs when it buys and sells securities or instruments (i.e., &#8220;turns over&#8221; its portfolio). A high rate of portfolio turnover may result in increased transaction costs, including brokerage commissions, which must be borne by the Fund and its shareholders, and is also likely to result in higher short-term capital gains for taxable shareholders. These costs are not reflected in the annual fund operating expenses or in the expense example above, but are reflected in the Fund&#8217;s performance. The Fund&#8217;s portfolio turnover rate for the fiscal year ended October 31, 2012 was 85% of the average value of its portfolio.This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in Goldman Sachs Funds. More information about these and other discounts is available from your financial professional and in &#8220;Shareholder Guide&#8212;Common Questions Applicable to the Purchase of Class A Shares&#8221; beginning on page 78 of this Prospectus and &#8220;Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends&#8221; beginning on page B-107 of the Fund&#8217;s Statement of Additional Information (&#8220;SAI&#8221;).Assuming complete redemption at end of periodAssuming no redemption0.1783-0.2003This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.<br/><br/>The Example assumes that you invest $10,000 in Class A, Class C, Institutional and/or Class IR Shares of the Fund for the time periods indicated and then redeem all of your Class A, Class C, Institutional and/or Class IR Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same (except that the Example incorporates the expense limitation arrangement for only the first year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:<b>Portfolio Turnover </b><b>Performance </b>The Fund&#8217;s &#8220;Total Annual Fund Operating Expenses After Fee Waiver and Expense Limitation&#8221; have been restated to reflect the fee waiver currently in effect.The bar chart and table below provide an indication of the risks of investing in the Fund by showing: (a) changes in the performance of the Fund&#8217;s Institutional Shares from year to year; and (b) how the average annual total returns of the Fund&#8217;s Class A, Class B, Class C, Institutional, Service, Class IR and Class R Shares compare to those of a broad-based securities market index. The Fund&#8217;s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available at no cost at www.goldmansachsfunds.com/performance or by calling the appropriate phone number on the back cover of this Prospectus.<br/><br/>Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown.<b>Fees and Expenses of the Fund </b><b>Performance </b><b>Investment Objective </b><b>Expense Example </b> A contingent deferred sales charge ("CDSC") is imposed on Class B Shares redeemed within six years of purchase, declining from a rate of 5% in the first year to 1% in the sixth year, and eliminated thereafter. A CDSC of 1% is imposed on Class C Shares redeemed within 12 months of purchase. The differences in the "Other Expenses" ratios across the share classes are the result of, among other things, contractual differences in transfer agency fees and the effect of mathematical rounding on the daily accrual of certain expenses, particularly in respect of small share classes. The Investment Adviser has agreed to reduce or limit "Other Expenses" (excluding acquired fund fees and expenses, transfer agency fees and expenses, taxes, interest, brokerage fees, litigation, indemnification, shareholder meeting and other extraordinary expenses) to 0.344% of the Fund's average daily net assets through at least February 28, 2014, and prior to such date the Investment Adviser may not terminate the arrangement without the approval of the Board of Trustees. The Fund's "Other Expenses" may be further reduced by any custody and transfer agency fee credits received by the Fund.The Fund's "Total Annual Fund Operating Expenses After Expense Limitation" have been restated to reflect the expense limitation currently in effect.After Expense LimitationPerformance for the MSCI All Country Asia ex-Japan (Net, USD, unhedged) Index is provided since 2001. The "Total Annual Fund Operating Expenses" do not correlate to the ratios of net and total expenses to average net assets provided in the Financial Highlights, which reflect the operating expenses of the Fund and do not include Acquired Fund Fees and Expenses. The Fund's "Total Annual Fund Operating Expenses After Fee Waiver and Expense Limitation" have been restated to reflect the fee waiver and expense limitation currently in effect.A contingent deferred sales charge ("CDSC") of 1% is imposed on Class C Shares redeemed within 12 months of purchase.